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.

Currently there are 4 different types of ISAs available; Cash ISA, Stocks & Shares ISA, Innovative Finance ISA and a Lifetime ISA. You can invest up to £20,000 per tax year in one type of ISA or split the allowance across some or all, with the exception of the Lifetime ISA which has a limit of £4,000 and also has additional eligibility criterion.

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