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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.

Crown employees, such as diplomats or members of the armed forces, who are working overseas and paid by the Government are eligible to open an ISA. The spouse of one of these people can also open an ISA. You cannot hold an ISA jointly with, or on behalf of, anyone else.

If you have put money into a Mini cash ISA in the tax year in which you reach 18, you can go on doing so on and after your 18th birthday, subject to the normal limit. Once you have reached 18 you can also apply to open a Mini stocks and shares ISA. You will have to complete a new application in the same way as any other investor.

If you paid into an ISA insurance policy before 5 April 2005, you can continue paying into that policy after 5 April 2005. But if you also subscribe to either a Mini cash or a Mini stocks and shares ISA component you may have to rearrange your savings.

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

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.

You can only put money into one Maxi ISA or one Mini ISA of each type in a tax year. So, if you want to transfer the money you have put into your ISA in the current tax year, you must transfer all of it. Any more money you want to put in this year must go into the new ISA.

If you have been putting money into the cash component of a Maxi ISA in the tax year in which you reach 18, you can go on doing so on and after your 18th birthday, subject to the normal limit. Once you have reached 18, you can also put money into the stocks and shares component of your Maxi ISA. As this is a Maxi ISA, you will not have to complete a new application.

If you take money out, any that you put back later will count against your ISA annual subscription limit in the year that you re-invest your money.