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 Cash and a broad range of investments can be held and there is no restriction on when or how much money can be withdrawn.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:
“We early arrive at the great discovery that there is one mind common to all individual men: that what is individual is less than what is universal ... that error, vice and disease have their seat in the superficial or individual nature.”
—Ralph Waldo Emerson (1803–1882)
“If I tell you that I would be disobeying the god and on that account it is impossible for me to keep quiet, you won’t be persuaded by me, taking it that I am ironizing. And if I tell you that it is the greatest good for a human being to have discussions every day about virtue and the other things you hear me talking about, examining myself and others, and that the unexamined life is not livable for a human being, you will be even less persuaded.”
—Socrates (469–399 B.C.)