| Individual Savings Accounts (ISAs) are tax free savings 'wrappers'. Any gains made on investments held within the ISA are free of Capital Gains tax and any income received from the investment (eg interest / dividends) is free of income tax.
Eligible investments into an ISA can include cash, unit trusts, OEICSs, stocks and bonds, both UK and international.
There is no fixed holding period. Individuals are currently able to invest upto £7,200 into an ISA each financial year. From October 2009, anyone aged over 50 will be able to invest up to £10,200 into an ISA and from April 2010 all UK residents will be able to invest up to the £10,200 limit per tax year.
To open an ISA, individuals must be 16 years or older and UK resident for tax purposes.
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