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ISAsAn ISA is a lump sum or regular savings vehicle designed to provide capital growth utilising the tax allowances provided by the government. ISAs were introduced in 1999 by the government to replace PEPs and TESSAs. Investing in an ISA enables you to place a variety of investments in a tax efficient shelter. Investments in ISAs are not subject to Income Tax or Capital Gains Tax. The maximum amount that can be invested in an ISA is £7,200 for the 2008/09 tax year, of which up to £3,600 can be invested in a Cash ISA.
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There are three ISA components:-Investment: OEIC's, Investment Trusts, Gilts, Commercial Property and Corporate Bonds. Cash: Bank or Building Society deposits, National Savings and Cash Unit Trusts. ISAs can be tailored to suit your requirements; you may wish to focus on either Capital Growth, Income, or on both factors.
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