An ISA is a tax exempt savings account available to UK residents. There is no minimum period for which an ISA must be held and there are many qualifying investments available. These include cash, stocks, shares as well as certain life assurance and National Savings products.

Since 1 July 2014 the ISA allows equal limits for cash and stocks and shares. This provides savers with the ability to transfer funds from stocks and shares ISAs to cash ISAs allowing far greater flexibility than was historically the case. The maximum amount that can be invested in an ISA in 2015/16 is £15,240. The income from ISAs is exempt from Income Tax and CGT.

The latest ISA statistics have recently been published by HMRC. The statistics are drawn from the data that Financial Institutions are required to report to HMRC. The latest report includes some of the key trends in the ISA market as well as the characteristics of ISA investors.