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 Cash and a broad range of investments can be held and there is no restriction on when or how much money can be withdrawn.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:
“The life-fate of the modern individual depends not only upon the family into which he was born or which he enters by marriage, but increasingly upon the corporation in which he spends the most alert hours of his best years.”
—C. Wright Mills (1916–1962)
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Blessed are you who are hungry now, for you will be filled.
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—Bible: New Testament, Luke 6:20-22.