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A tax-efficient savings or investment account where you pay no tax on the returns.
An ISA is a wrapper that protects your savings and investments from tax. You can save or invest up to £20,000 per tax year across different types: Cash ISAs, Stocks & Shares ISAs, Innovative Finance ISAs, and Lifetime ISAs. All interest, dividends, and capital gains within an ISA are tax-free. You can also withdraw money from most ISAs at any time without losing the tax benefits.
This definition is for informational purposes only and does not constitute tax, legal, or financial advice. Rules may change and outcomes depend on your circumstances.
These GOV.UK and HMRC sources provide the official context for this glossary entry. The definition is educational and does not determine your individual tax position.