Glossar

Individual Savings Account (ISA)

An ISA is a UK tax-free savings wrapper launched in April 1999 to replace PEPs and TESSAs. Equities, bonds, insurance funds, and cash can be shielded from tax by investing through an ISA. The government has set an annual investment limit of £7,000 per investor until April 2006 when it will be reduced to £5,000. For more details, please see Morningstar's ISA Funds section.