An individual savings account is a tax advantageous savings vehicle for UK savers over the age of 18. The amount of money you can contribute each year is limited. Once inside the account and capital gains and income earned is tax free.

For the 2017/18 tax year the ISA allowance has increased from £15,240 to £20,000. You can split your allowance across a Stocks & Shares ISA and Cash ISA or invest it all in either one. The Junior ISA allowance for investing for children is £4,128.

In the 2018/19 tax year the ISA savings limit will be frozen at £20,000.