Rates & Allowances - 2007 / 2008
Savings
Individual Savings Accounts ISAs
|
Individual Savings Accounts (ISAs) |
|
Overall investment limit |
£7,000 |
|
Including cash maximum of |
£3,000 |
|
Notes
'Stakeholder' cash and medium term products can be held in your ISA as follows:
q Mini cash ISA - (limit £3,000)
q Mini stocks and shares ISA (limit £4,000)
q
Maxi ISA - with a limit of £7,000,
but no more than £3,000 in cash.
Investments in ISAs are free of income tax and capital gains.
q Those aged 16-17 can invest up to £3,000 only, either in the cash element of a maxi-ISA or in
a mini cash ISA.
ISAs allow you to take
your money out at any time without losing tax relief and furthermore you are not required to declare income and capital gains
from ISA savings.
