Avoid Tax on Savings
ISAs are a product whereby you can save set amounts of money and keep it away from the tax man.
If you are one of those people who don't like the same money being taxed many times over by the government as happens with the UK then you need to make use of your ISA allowance.
When you finally manage to save money after all the tax you have paid on it, the government wants a slice of your good financial management, and takes tax on any interest you earn on your savings - very nice of it, really!
However if you want to make sure that you get to keep your hard earned savings away from the greedy hands of Gordon Brown, then the good news is that you can... up to a point.
ISAs or individual savings accounts offer a tax free investment vehicle whereby you can save certain sums of money and interest is free of tax from the government.
This means that the interest rate is more attractive. You can usually choose to save into stocks and shares ISAs, straight cash or perhaps a mix of both if you prefer.
For instance with a mini-cash ISA you can save up to £3,000 a year and the best thing is that it is tax free so you keep your money.
If you are interested in ISAs then you can view all sorts of different types on financial comparison websites, and in addition you can simply arrange to talk to your local bank manager or get leaflets around their range - of view their online information websites for more details as to what ISA products are around.
One thing is for sure - if you have money to save each year, then why not get as much as possible by ensuring that at least a portion of it is protected from government taking money through the taxation on interest, and make your money work harder for you.
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