What are ISAs

ISA is short for ‘Individual Savings Account'.
ISAs allow you to get the income and returns from you savings and investments without having to pay any income or capital gains taxes.
There are two types of ISA - cash ISAs and stocks and shares ISAs. Investment products such as authorised unit trusts, can be held in the stocks and shares ISA.
Cash ISA is where you save in a secure deposit account.
Stocks and shares ISA is where you invest on the stock market in unit trusts.
The maximum cash ISA investment allowance is £5,100.
The maximum you can invest in a stocks & shares is £10,200 per tax year (less any amount you save in a cash ISA).
Cash ISAs are available to all UK residents aged 16 or over.
Stocks and shares ISA s are available to all UK residents aged 18 or over.
You are only allowed to contribute to one cash and/or one stocks and shares ISA per tax year.