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What is an Individual Savings Account?
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8th Dec 2009 by Andrew Rosenbaum
An Individual Saving Account (ISA) is a tax-savings fund in which every U.K. resident can place up to 7,200 pounds if they are below 50, and 10,200 pounds if they are above that age. The funds can be invested in a wide variety of ways. These ISA allowances are cumulative: investing 7,200 pounds each year up for ten years gives an investor 72,000 of tax-sheltered, income-producing investments. It is also possible to split an ISA investment into a cash component, for half of the total allowance, and an investment component. It is not possible to invest the whole allowance only in cash.
An Individual Saving Account (ISA) is a tax-savings fund in which every U.K. resident can place up to 7,200 pounds if they are below 50, and 10,200 pounds if they are above that age. The funds can be invested in a wide variety of ways. These ISA allowances are cumulative: investing 7,200 pounds each year up for ten years gives an investor 72,000 of tax-sheltered, income-producing investments. It is also possible to split an ISA investment into a cash component, for half of the total allowance, and an investment component. It is not possible to invest the whole allowance only in cash.
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30th Nov 2009 In UK
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Subjects: individual savings account,