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If you managed to make use of your Individual Savings Account (ISA) allowance in the last tax year, then you will be pleased to know that as of today, you have another £7,200 of potential tax free investments in which you can deposit into ISAs.
If you failed to invest anything, don't worry, because by investing now you can take full advantage of the 2009/10 tax year and enjoy tax free interest on cash ISAs, and up to £9,600 of tax free earnings per year from investment/stocks and shares ISAs.
If you are unfamiliar with ISAs, it's worth checking out how they work, as you could be paying unnecessary taxes on the interest you accumulate through savings.
Every tax year, savers are given a unique savings opportunity, set up to encourage individuals in the UK to save money. Everyone over the age of 16 is allowed to invest up to £7,200 in ISAs every tax year (April 6th – April 5th), which can be made up of either a maximum of £3,600 per year into a cash ISA and the remainder into an investment ISA, or the entire £7,200 into an investment ISA.
Cash ISAs are very similar to savings accounts, with some providers offering higher rates for locking your savings away into a fixed rate ISA, while investment ISAs are more rare within the banking sector, but are beginning to come increasingly popular, as these provide the potential to earn higher returns on your investment. As with most investments in the stock market, there is always a risk involved, bringing the possibility of losses to the table.
The way in which your account is manages will depending on which ISA and ISA provider you choose. You can choose whether you want to make a lump sum investment, or regular payments, and if you want your interest to added onto the total, or paid into a separate account.
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