A tax-free saving account, where you can invest up to£3000 each year on cash saving or shares and stocks. Or you can invest up to £1000 on life insurance investments.
Can include only one of the three elements: stocks, and shares, life insurance and cash.
Choosing the Mini ISA option means that you can invest up to £4,000 in stocks and shares per tax year. You also have the option of opening a Mini Cash ISA and investing up to £3,000 per tax year.
A type of ISA which enables you to invest in the 2 separate components with up to 2 providers. You can hold up to 2 Mini ISAs up to your full ISA allowance.
A tax-free savings account that allows you to invest up to £3,000 each year in cash savings or stocks and shares or up to £1,000 in life insurance investments. You can have one of each type of mini ISA in each tax year.
Can contain only one of three investment types: cash, life assurance or stocks and shares. Up to three mini ISAs can be held in each tax year. Maximum contribution limits apply. A maxi ISA and mini ISA cannot be established in the same tax year.
There are currently three types of Mini ISA you can invest in, these being cash life assurance, and stocks and shares. You can buy up to three mini ISAs in any financial year: one for cash (up to £3,000), one for stocks and shares (up to £3,000) and one for life assurance (up to £1,000). Unlike a maxi ISA, each one of these can come from a different provider. The income earned will be free of tax. From 6 April 2005, the life assurance element will be removed. Additionally, the limits on stocks and shares mini ISAs will be increased to £4,000.
A Mini ISA only allows an investor to save in one of the three different elements of ISA investments that are allowed, although an investor can hold more than one Mini ISA to utilise the overall Mini ISA investment limit and can invest with more than one savings institution. e.g. an investor can have Stocks & shares ISA with Company X, cash ISA with company Y and a Life Assurance ISA with company Z. The three elements of ISA investment are as follows: Cash (see Cash ISA) Stocks and Shares (see Stocks and Shares ISA) Life Insurance (see Life Insurance ISA)