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KembaraXtra – Legal Terms – Individual Savings Account (ISA)
An Individual Savings Account (ISA) is a tax-advantaged savings and investment vehicle that allows individuals to save money without paying tax on interest, dividends, or capital gains. ISAs are designed to encourage personal saving by providing significant tax relief.
There are different types of ISAs, including cash ISAs and stocks and shares ISAs, each subject to an annual contribution limit. Funds held in an ISA can generally be withdrawn at any time without losing tax benefits, making ISAs a flexible and popular financial instrument.
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