These TAX FREE savings plans were introduced in 1999 to replace the old personal equity plans (PEP) and tax exempt special savings accounts (TESSA).

There are five main types of ISA – the cash ISA, stocks & shares ISA, “Help to Buy” ISA, the “Junior ISA” and the new “LISA”, the Lifetime ISA.

The new LISA is only for investors aged between 18 and 40 saving up to £4000 p.a.

ISA plans, TAX FREE in the hands of the investor, can accept periodic investments (e.g. monthly) or one-off, single lump sum, payments. When started the life of this particular investment was ten years from 1999/2000 but has been extended indefinitely. Individual Savings Accounts are reviewed by the government regularly to evaluate what is to happen to them in the future.

The maximum total investment 2023/24 is £20,000.

The Junior ISA was launched on 1 November 2011.

All ISA investments are tax free with no tax to pay on any interest or gains.

As always, we remind everyone that the value of investments such as this is not guaranteed. The value can go up and down dependent on performance.