Savings and Investments
ISAs and PEPs
|
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:
- Mini cash ISA - (limit £3,000)
- Mini stocks and shares ISA (limit £4,000)
- 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.
- 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.
Personal Equity Plans (PEPs)
Although PEPs are no longer available, sums already invested continue to
score for tax breaks.
|
