Mini ISA

Wednesday, 21 February 2007 05:01

The old system of mini ISAs was ended in April 2008.

The new regime for tax-free savings sees investors given an allowance of £7,200 a year.

Up to £3,600 can be saved in cash ISAs, with any remaining money can be in a stocks and shares ISA.

While only £7,200 a year can be placed in an ISA, the entire balance of the ISA (i.e. the accumulated savings of several years) can be transferred into another ISA if needed - allowing you to move your ISA investments to get the best returns.

Interest earned and fund growth on ISAs are free from income tax and capital gains tax.

Normally any interest earned on savings and investments has tax charged on it at the same rate as your income.

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