Individual Savings Accounts (ISAs)
ISAs are tax-free investments that replaced PEPs and TESSAs. Any UK resident who is over 18 can have an ISA (although cash ISAs up to the value of £3,000 are also available to 16 and 17 year olds).
ISAs can be made up from one or more elements:
- Savings accounts (cash).
- Life insurance.
- Share-based investments.
A MAXI ISA means that all elements are contained within a single ISA, whereas a MINI ISA means that elements are kept within separate ISA accounts.
The maximum you can invest in an ISA is £7,000.
The government has guaranteed ISAs to run until 2009.
This page was last reviewed on 03 April 2006. The information may not reflect changes in legislation made after this date.
This is only a guide to your tax position and should not be relied on in place of professional accounting or tax advice. Any calculated figures are illustrative and are based on the data you provided.
