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An ISA is a tax "wrapper" for a range of investment types including deposit accounts, life assurance policies, unit trusts and OEICs. They are divided into two types - "Maxi" where the investment is solely equity or unit trust based and "Mini" where Unit Trust, OEIC, deposit and life contracts are allowed. Generally the products offered on this site are of the Maxi variety which are limited to a maximum investment of £7000. This limit may be subject to alteration depending on future budget changes. Some providers will offer the "Mini" variety which is limited to £3000 per annum for the Unit trust element. If you are investing in an equity based investment it is therefore important that you do not take out a Mini ISA with any other provider or deposit taker as this will restrict your opportunity to invest. You can only invest in one ISA during a tax year. There are many different types of ISA Equity Based funds:
As the underlying investments are either Unit Trusts or OEICS the explanation of these investment types outside an ISA are covered under the relevant sections. There is no difference in how the funds are administered between ISA and non-ISA funds. There is therefore a direct relationship between unit values and the underlying investments. Details of individual funds are outlined in the plan Key Features documentation of each provider. Taxation |
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