Compare ISA best sellers
View some of our 2020-21 ISA season best ISA platform sellers.
- Protection Scheme: FSCS
- Fund Choice: Choose from 50+ L&G funds including low cost index tracker funds, multi asset, fixed income, property & equity funds. Alternatively let L&G managed your funds for you based on your risk profile.
- Invest From: £20 per month or £100 single
- Protection Scheme: FSCS
- Fund Choice: 2,500+ Funds
- Invest From: £25 pm
- Protection Scheme: FSCS
- Fund Choice: Select from over 4,000 funds. Large selection of UK shares. Investment trusts, ETFs and investment portfolios put together by experts.
- Invest From: £25 per month or lump sum from £1,000
What Exactly Is An ISA?
Understanding the foundation of Individual Savings Accounts
Individual Savings Accounts, more commonly referred to as ISAs, debuted in 1999 and offer tax incentives to encourage UK residents to save. These savings and investment 'vehicles' offer a variety of options and benefits, but they also come with their share of rules and regulations.
To ensure you benefit from the full advantages of these accounts, it's important to understand exactly how ISAs work and the rules governing them before you open one.
What is an ISA?
Many financial experts recommend that ISA should be a first port of call to individuals who want to put money into savings or investments.
These savings vehicles provide more in the way of tax-efficient benefits than most others types of accounts, giving the account holder a greater rate of return on their initial deposit.
There are two types of ISA - cash ISAs and investment ISAs (also known as stocks and shares ISAs). Cash ISAs offer tax-free interest, while investment ISAs offer returns that are exempt from capital gains tax.
Who can contribute to an ISA?
Any UK resident over the age of 16 can open and contribute to an ISA.
However, account holders under 18 are only able to open cash ISAs; stocks and shares ISAs are not available to this age group.
Account holders 18 and older are allowed to open one stocks and shares ISA and one cash ISA each year. As the name suggests, ISAs are individual accounts, which means that joint ownership is not available.
What are the contribution limits?
Because of the tax benefits ISAs provide, the amount you can contribute into an ISA is limited each year.
The 2020-21 Limit is £20,000 per individual.
Can money be withdrawn from an ISA?
Money can be taken from an ISA at any time. However, there can sometimes be drawbacks to doing so. Withdrawing money from an ISA does not change the contribution limits for that year.
So, if you've invested the full amount allowed in your ISA for the year and then withdraw £1,000, you cannot then put that money back into the ISA during the current taxable year, because you have already reached your contribution limit with your initial deposits.
An ISA can be a sensible choice for savers and investors alike. Whether you're looking for a tax-efficient way to put cash aside for the future, or looking to invest without paying capital gains tax, an ISA may be the perfect option for you.
Read more here: The Comprehensive Guide to ISAs
Important Risk Information:
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.
Stocks & Shares ISAs
Types of Stocks and Shares ISA include:
Stocks and Shares ISAs
Latest News
Can I Put £20000 In A ISA Every Year?
25th January 2021
If you are looking for tax efficient ideas for investing then an ISA is a perfect place to start. Currently UK residents can put up to £20,000 in a ISA every year.
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