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What is an ISA?

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An Individual Savings Account (ISA) is a tax-efficient wrapper into which you can place a wide variety of assets to protect them from capital gains tax on growth and additional income tax on income. 

There are currently two types – the cash ISA and the stocks and shares ISA - and you can invest a combined total of up to £10,680 in these during the 2011/12 tax year. The cash ISA element allows you to invest up to £5,340 into a deposit account, National Savings or a qualifying cash fund then the balance between this cash investment and the full allowance can be invested in a stocks and shares ISA. The latter can hold various assets, including equities and bonds, and investment can be either direct or via collective investment funds.

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Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.

This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.

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