Individual Savings AccountIf you want to save money, consider an ISA

The Basics of an Individual Savings Account

• If you're thinking about investing in an ISA, it may be a good idea to double-check with the provider that they and their product meet current legislative requirements. If in doubt, a specialist finance company would be able to explain to you what these criteria are; 
• Her Majesty's Revenue&Customs (HMRC) defines the maximum amounts and tax-free growth that is permissible while retaining tax-free status. It may be advisable to consult their web site for the current limits and investment regulations etc;
• ISAs are now widely sold by banks, building societies, financial organisations and you can sometimes even see them offered by the larger retail outlets. The person who sells and administers and individual savings account is usually called the 'ISA Manager' and they must be registered with the Financial Services Authority for regulation and control;
• To qualify for tax-free status the scheme must also be registered with HMRC;
• If you are resident outside of the UK then sadly an ISA is not available to you.
• The individual savings account may offer some people an excellent investment route in certain circumstances and the tax advantages may be significant. It can however be a complicated area with a large range of options open to you and this is doubly so because it involves personal tax liabilities. It may be a good idea to seek expert advice from a specialist finance provider before making your final decision, as this is not something you'll want to get wrong!