Individual Savings Account
- Individual Savings Account
A savings portfolio for small investors introduced in the UK in 1999. It replaced personal equity plans (PEPs) and Tax Exempt Special Savings Accounts (TESSAs); ISAs entitle individuals to save up to £7000 per year free of tax. The savings may be in the form of cash, shares, or life-assurance policies. ISAs are available in two main forms: maxi-ISAs, which must include shares, either exclusively or together with cash or assurance policies (or both), and the whole package must be supplied by one provider; and mini-ISAs, in which each component can be supplied by different providers, the maximum holding of shares and assurance policies being £4000 and of cash and assurance policies £3000 (the original provision for a separate assurance policy component was ended from 6 April 2005). Savers can invest in either one maxi-ISA or up to three mini-ISAs in one year but not both. ISAs can be cashed in at any time without loss of tax relief which includes exemption from personal income tax and capital gains tax.
Accounting dictionary.
2014.
Look at other dictionaries:
individual savings account — ( ISA) The new tax exempt savings scheme launched in April 1999 as a replacement for the personal equity plan ( PEP) and tax efficient special savings scheme ( TESSA). ISAs can be used to invest in a very wide range of investments and consist of… … Financial and business terms
individual savings account — (ISA) A tax exempt savings scheme for individuals introduced in 1999 which replaces tax exempt special savings schemes (TESSAs) and personal equity plans (PEPs). For further information, see the HM Revenue & Customs website … Law dictionary
individual savings account — [individual savings account] ↑ISA … Useful english dictionary
Individual Savings Account — An Individual Savings Account (ISA; pronounced /ˈaɪsə/) is a financial product available to residents in the United Kingdom. It is designed for the purpose of investment and savings with a favourable tax status. Money is contributed from… … Wikipedia
Individual Savings Account — ISA A savings portfolio for small investors introduced in the UK in 1999. It replaced personal equity plans (PEPs) and Tax Exempt Special Savings Accounts (TESSAs); ISAs entitle individuals to save up to £7000 per year free of tax. The savings… … Big dictionary of business and management
Individual Savings Account — /ˌɪndɪvɪdʒuəl seɪvɪŋz əˌkaυnt/ noun a British scheme by which individuals can invest for their retirement by putting a limited amount of money each year in a tax free account. Abbreviation ISA … Dictionary of banking and finance
TESSA-only Individual Savings Account — UK US noun [C] (ABBREVIATION TOISA) ► BANKING, FINANCE a form of ISA (= a type of savings account) into which you can put money from a TESSA: »Tessa holders can carry on earning tax free interest by transferring their capital to a TESSA only… … Financial and business terms
Self-select Individual Savings Account — is a type of ISA which gives the investor the freedom to choose the investments that go in it. They are not restricted to the stocks and shares of one particular ISA manager … Financial and business terms
individual savings account — ➡ ISA. * * * … Universalium
individual retirement account — [n] IRA Keogh plan, retirement plan, Roth IRA, selffunded retirement plan, tax free savings account; concepts 335,340,446,710 … New thesaurus
