ISAs

What is an ISA?

Individual Savings Accounts, or ISAs, are a form of tax free savings. Unlike a standard savings account, the interest you receive on your ISA savings is paid to you entirely tax free. An individuals ISA allowance changes each year but if it is not used in one year the ISA allowance cannot be carried over to the following year.

Information about ISA savings accounts

If you would like to learn more about ISA savings accounts then look no further – TheRetirementCentre.com provides comprehensive information about the best performing ISAs and many other financial matters, to help you to make more of your retirement income.

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  • What are the different types of ISA?

    There are two main different types of ISA, a Cash ISA and a Stocks and Shares ISA. The interest rates and performance of an ISA will depend on the provider, as there are many ISA providers in the market.

    A Cash ISA operates in exactly the same way as a bank or building society savings account, the only difference being that with a cash ISA you don’t pay tax on the interest that you receive – whereas with other savings accounts, your interest is taxable. There are limitations on the amount of money you can save in your cash ISA each tax year – in 2012, the limit is £5,640.

    Stocks and Shares ISA differ to a cash ISA in that stocks or shares are invested in either individually selected shares (Self Selected ISA) or in shares selected by a fund manager. Stocks and Shares ISA performance depend on the type of investment made, so you need to bear in mind that the value of the ISA may go up or down. The best stock and shares isa performance can depend on the fund and manager appointed to run the fund. Any gains you make from an increase in share price will be free from capital gains tax.

  • What is the allowance in the ISA 2012 tax year?
  • When does the amount I can invest in an ISA apply to?
  • Can I use my unused ISA levels from previous years this year?
  • What was the allowance / stock and shares isa rules in the ISA 2011 tax year?
  • What will the ISA allowance be for the 2013 tax Year?
  • What is the best ISA rate?
  • What happens to my old PEPs & TESSAs?

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