ISA's

Individual Savings Accounts (ISAs) are available to all UK residents over 18 years of age (or 16 years of age if taking out a Cash ISA). They benefit all taxpayers, especially those paying the higher rate.

Individual Savings Accounts (ISAs) are available to all UK residents over 18 years of age, 16 years of age for the Cash ISAs. They benefit all taxpayers, as any income or capital gains received from investments held within an ISA do not have to be declared to the tax man.

ISAs can invest in cash or longer term investments like stocks and shares (including unit trusts, investment trusts, Open Ended Investment Companies, some fixed interest securities, or any share quoted on a stock exchange recognised by the Inland Revenue).

Recent legislation has changed the ISA rules and came into force in the 2008/2009 tax year. The distinction between Mini and Maxi ISA's has now disappeared and have been replaced with a choice between a Cash ISA and Stocks and Shares ISA.

Cash Mini ISAs and TESSA only ISAs, (TOISA's) automatically become Cash ISA's. Personal Equity Plans, (PEP's) automatically become Stocks & Shares ISA's.

Legislation relating to Individual Savings Accounts is subject to change.