For all ISAs, any income generated is tax free and there is also no capital gains tax to pay on any increase in the value of the investments. As such, they are a valuable financial planning tool.

Historically, there was a distinction between cash ISAs and stocks and shares ISAs and investors had to decide which type of ISA they wanted to open. In the 2014 tax year, the Government blended them into one New ISA (NISA) with an increased limit of £15,000. Investors can now hold both cash and shares within one NISA wrapper.

This limit was increased to £15,240 for the 2015 tax year.

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