What does ISA mean?
July 13th, 2009
Comments off
ISA stands for Individual Savings Account.
A savings account of this type, called cash ISA, is shielded from financial taxation for a capital of up to £3,600 in a tax year. Therefore, within this figure, you don’t pay tax on the interest on savings.
In a stocks and shares ISA, the no-tax limit is increased to £7,200. So, up to this sum, you don’t pay tax on the capital gains on investments.
