An Individual Savings Account (ISA; /ˈaɪsə/) is a financial product available to residents of the United Kingdom. It is designed for the purpose of investment and savings with a favourable tax status. Money is contributed from after tax income and not subjected to income tax or capital gains tax within a holding or upon withdrawal. Cash and a broad range of investments can be held and there is no restriction on when or how much money can be withdrawn. Funds can not be used as security for a loan. It is not a pension product but can be a useful complement to a pension for retirement income, particularly when it is desirable to draw down capital at a faster rate than permitted in a pension.
Read more about Individual Savings Account: Origins, Junior ISAs, Subscription Limits, Transfer Rules, Fund Supermarkets and Self Select ISA Providers, Charges, Tax Treatment, CAT Standards, Transition and Older Types of ISA, Similar Schemes in Other Countries
Famous quotes containing the words individual and/or account:
“Being dismantled before our eyes are not just individual programs that politicians cite as too expensive but the whole idea that society has a stake in the well-being of children down the block and the security of families on the other side of town. Whether or not kids eat well, are nurtured and have a roof over their heads is not just a consequence of how their parents behave. It is also a responsibility of society—but now apparently a diminishing one.”
—Richard B. Stolley (20th century)
“The nineteenth century is a turning point in history, simply on account of the work of two men, Darwin and Renan, the one the critic of the Book of Nature, the other the critic of the books of God. Not to recognise this is to miss the meaning of one of the most important eras in the progress of the world.”
—Oscar Wilde (1854–1900)