Individual Savings Accounts (ISAs) are tax-free savings accounts. This means individuals do not have to declare any income or capital gains they receive from such accounts, to the Inland Revenue. Individuals can save up to £7,000 each financial year. A financial year runs from 6th April until 5th April the following year.

There are two types of ISA’s – Maxi ISA and Mini ISA.

An individual can only subscribe/contribute to either one Maxi ISA or up to two Mini ISAs (one for each component), each tax year. Money cannot be invested in both a Mini and Maxi ISA in the same financial year.