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 Cash and a broad range of investments can be held and there is no restriction on when or how much money can be withdrawn.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:
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—Josiah Royce (1855–1916)
“At length he would call to let us know where he was waiting for us with his canoe, when, on account of the windings of the stream, we did not know where the shore was, but he did not call often enough, forgetting that we were not Indians.... This was not because he was unaccommodating, but a proof of superior manners. Indians like to get along with the least possible communication and ado. He was really paying us a great compliment all the while, thinking that we preferred a hint to a kick.”
—Henry David Thoreau (1817–1862)