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Savings and Investment - ISAs ( Individual Sasvings Accounts)


ISAs - Savings and Investment

About ISAs ( Individual Savings Accounts)

What is an ISA?
An Individual Savings Account (ISA) is a tax-advantaged means that investors may save and invest without incurring income or capital gains taxes on the proceeds. An ISA is not an investment in itself, so you shouldn't say "I've invested in an ISA", or "What is the best-performing ISA?" What you should say is "What can I invest in using the ISA wrapper?"

You can invest in a combination of the following assets:

  • cash deposits
  • stocks and shares
  • life assurance investments

Cash Deposits

Qualifying investments include bank and building society deposits, and money market unit trusts. Some National Savings products are included as well as a range of existing bonds and accounts on which tax is normally payable.

Stocks and Shares
The equity element in an ISA may include any authorised unit or investment trust or open ended investment company (OEIC), and any share quoted on a stock exchange recognised by the Inland Revenue. You can also include direct holdings of gilts, bought with at least five years to go to maturity. There are no global investment restrictions. You could invest your full annual allowance in a fund that invests in the US, Europe or global technology stocks. But this does not apply in the case of "CAT marked" stocks and shares ISAs.

Life Insurance
investments such as with profits bonds and unit-linked life insurance funds are all eligible. If you have a mature Tax Exempt Special Savings Account (TESSA), you have six-months in which you may transfer the matured contributions into an ISA without affecting your annual ISA allowance.

What are the tax benefits of an ISA?
With an ISA you are allowed to invest up to £7,000 on a tax-efficient basis each year. There is no tax relief on money put into ISAs on entry, unlike contributions to a pension scheme. You are not liable to pay income or capital gains tax on the proceeds of an ISA and the investments you hold within an ISA grow free of income and capital gains tax. Investments held within ISAs are not liable for capital gains tax.


List of ISA Providers


OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.