As an adult you are allowed to put in up to £20,000 of new money each year into an ISA. This can be into a Cash ISA or a Stocks & Shares ISA.

Once your money’s in there, it can grow, you can swap investments all you like, and sell an investment and withdraw the cash anytime you like. Everything that happens inside an ISA is tax-free, so you don’t need to worry about Income tax, Dividend tax, Capital Gains tax. When you withdraw it, it’s just yours, all tax-free.

Next year, on April 6th, the new tax year begins and you have a fresh £20,000 limit for new contributions.