The latest from Westside Financial's Graham Green
Cash ISA is simply a savings account where you never pay tax on the interest. Anyone aged 16 or over can put up to £20,000 into their cash or equity ISA during the current tax year.
Traditionally, this was the first place for tax-payers to put a lump sum, yet the personal savings allowance has made them a less attractive option.
However this is as the law stands now and could change .
The point is that savings in a ISA is tax free in terms of any potential capital gains tax and income they may provide , so can be a excellent savings tool for the future.
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