ISAs
Investment maximums for ISAs are as follows:
| Individual Savings Accounts (ISAs) | 2012/13 | 2011/12 |
| Overall investment limit | £11,280 | £10,680 |
| Including cash maximum of | £5,640 | £5,340 |
| Junior ISA | £3,600 | £3,600 |
The ISA limit will be increased annually based on the CPI index rounded to the nearest £120.
Notes.
- Stakeholder cash and medium term products can be held in your ISA.
- Investments in ISAs are free of income tax and capital gains.
- Those aged 16-17 can invest up to £5,640
- 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.
- The income tax credit is restricted to 20%. Capital gains tax deferral relief is also available.
- ISA investments can include bonds which are issued by Multilateral Institutions.
- Junior ISA first became available on 1 November 2011.
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