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 Cash and a broad range of investments can be held and there is no restriction on when or how much money can be withdrawn.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
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