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Letter I
Individual Saving Accounts (ISA)
A new way of holding cash deposits, life assurance policies and
investments in stock and shares in a tax free environment. ISA's are intended to
be a one for all replacement for the older products such as TESSA's and PEP's.
The Government have stated that ISA's will be available for a minimum of ten
years.
Due to the fact that these products have the ability to build up cash values
there are increasingly being used as repayment vehicles for interest only
mortgages, due to the fact that they do have the benefit of tax free growth
makes them effective repayment vehicles. However as they can be invested in
equity markets they are not without risk.
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