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What can the stocks and shares component include? The stocks and shares component of an ISA can include
-shares and corporate bonds issued by companies listed on a recognised stock exchange anywhere in the world
-gilt edged securities (‘gilts’), similar securities issued by governments of other countries in the European Economic Area and ‘strips’ of all these securities
-units or shares in UK authorised unit trusts or open ended investment companies (OEICs) which invest in shares and securities (called securities schemes and warrant schemes) and fund of funds schemes which invest in them
-shares and securities in approved investment trusts (except property investment trusts)
-or shares in Undertakings for Collective Investment in Transferable Securities (UCITS) funds based elsewhere in the European Union (these are similar to the UK authorised unit trusts and OEICs listed above)
-any shares which have been transferred from an Inland Revenue approved all-employee scheme under the special rules
-life insurance policies that would have qualified for the separate life insurance ISA component that existed before 5 April 2005
-stakeholder medium-term products.

You can take your money out at any time without losing tax relief.

You pay no tax on any of the income you receive from your ISA savings and investments. This includes dividends, interest and bonuses.

With Mini ISAs the limits are fixed. For example, even if you put nothing into a Mini cash ISA during the year, you could still only put £4,000 into a Mini stocks and shares ISA.

With stocks and shares or life insurance, you may not get back all the money you put in, particularly if you withdraw during the early years of an investment.

Can I put windfall or inherited shares in my ISA? No. You can only transfer shares you own into an ISA if they have come from an employee share scheme. Otherwise, the ISA manager must purchase shares on the open market.