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An Isa is a tax efficient savings account. An ISA account is free from income tax and capital gains tax and is available to UK residents. You can open an ISA account from the age of 16yrs but if you wish to incorporate a stocks and shares or life insurance component you will need to be at least 18yrs of age. An ISA can only be opened in one name joint applications are not accepted.
There are two types of ISA : MINI ISA and MAXI ISA.
You can have more than one ISA, you are allowed 3 Mini ISAs and 1 Maxi ISA a year, however there are annual investment limits on how much you can save in each tax year.
With a Mini ISA you can - Invest up to £3,000 in any one tax year. Stocks and Shares you can invest up to £4,000 in any one tax year.
With a Maxi ISA you can - Invest up to £3,000 in any one tax year. Stocks and Shares you can invest up to £7,000 in any one tax year.