An ISA is a type of savings account. Basically, if you save in an ISA you are entitled to keep all that you receive from that investment and not pay any tax on it. The ISA scheme provides different ways of saving to meet people's different needs. You can plan for the short term, or put your money away for much longer.

There are currently two types of ISA - Maxi and a Mini ISA and these can be cash or stocks and shares. These can include Cash, Unit Trusts, Investment Trusts and OEIC's. The overall limit per tax year is £7,000. However from 6 April 2008 this will increase to £7,200 and to simplify this product the government announced that it will drop the distinction between Maxi and Mini ISA's resulting in just a Cash ISA or a Stocks and Shares ISA. The new rules allow the annual limit of £7,200 to be split equally between the two. In addition to this all PEP's will now become ISA's and subject to the ISA rules.

Remember past performance is not a guide to future returns. The value of investments and the income from them can go down as well as up. The level of tax benefits and liabilities will depend on individual circumstances and may change in the future. Exchange rate fluctuations may cause the value of underlying overseas investments to go down as well as up. Some Funds investing in specialist sectors or areas carry greater risks due to the potential volatility of market sectors into which the funds invest.

You should not invest without consulting a Key Features Document and supporting literature.