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Savings and Investments

ISAs and PEPs

Individual Savings Accounts (ISAs) Overall investment limit £7,000 Including cash maximum of £3,000

Notes

1. '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.
   
   
2. Investments in ISAs are free of income tax and capital gains.
3. 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.
4. 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.





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