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Whatever you want to know about Citi's Investment ISA or Citigold Wealth Management Service, you should find the answer here. And if you have any questions about investment products you've bought from us in the past, or need to contact a particular company, please take a look at our frequently asked questions below.
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Your ISA questions
What is an ISA? 
What are my ISA options?
What's the difference between a cash ISA and an investment ISA?
What happens if I pay into more than one ISA in a single tax year by mistake?
Can you offer me advice on which ISA is right for me?
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What is an ISA?
ISAs (Individual Savings Accounts) were brought in by the Government in April 1999. ISAs enable you to save or invest for the future in a tax efficient way. You can save up to £7,200 each financial year (which runs from 6 April until 5 April the following year). However, from 6 October 2009, the total annual ISA allowance increased to £10,200 for anyone who was born on or before 5 April 1960 (that is, who will be aged 50 or over during the current tax year). If you are eligible for this higher allowance, you may invest up to £5,100 in a Cash ISA and/or up to £10,200 in an Investment ISA (subject to the overall ISA contribution remaining within the £10,200 limit). If you have already opened an Investment ISA in the tax year 2009/2010, you may top it up. Please note that Egg is not offering the top up in relation to the Cash ISA.
From 6 April 2010 these higher limits will apply to all eligible ISA investors, provided you are over 18 for an Investment ISA or 16 and over for a Cash ISA . So if you were born after 5 April 1960, your ISA allowance will remain £7,200 in the tax year 2009/2010, but will increase to £10,200 in the tax year 2010/2011.
You must be a UK resident for tax purposes, and this includes you if you are working abroad or spouses and civil partners of individuals working abroad (e.g. civil servants and armed forces personnel who are paid by the British government but based abroad can open an ISA if they want to). ISAs can only be opened as individual accounts and cannot be opened on behalf of anyone else.
Tax rules may change. The value of the tax treatment described will depend on individual circumstances.
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What are my ISA options?
There are two 'components' - in which your money can be invested: 'Cash' and 'Investment ISAs'.
You are able to invest in one Cash and one Investment ISA each tax year. The annual investment allowance is currently £7,200. Up to £3,600 of that allowance can be saved in cash with one provider. The remainder of the £7,200 can be invested in an Investment ISA with either the same or another provider. For example, you can choose to save £1,000 in a Cash ISA with one provider and £6,200 in an Investment ISA with a different provider. Alternatively, you could choose to invest your full allowance of £7,200 in an Investment ISA only.
From 6 October 2009, the total annual ISA allowance increased to £10,200 for anyone who was born on or before 5 April 1960 (that is, who will be aged 50 or over during the current tax year). If you are eligible for this higher allowance, you may invest up to £5,100 in a Cash ISA and/or up to £10,200 in an Investment ISA. If you have already opened an Investment ISA in the tax year 2009/2010, you may top it up. Please note that Egg is not offering the top up in relation to the Cash ISA.
From 6 April 2010 these higher limits will apply to all eligible ISA investors, provided you are over 18 for an Investment ISA or 16 and over for a Cash ISA. So if you were born after 5 April 1960, your ISA allowance will remain £7,200 in the tax year 2009/2010, but will increase to £10,200 in the tax year 2010/2011.
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What's the difference between a cash ISA and an investment ISA?
A Cash ISA is like a normal savings account, where your deposits are safe and can be withdrawn. Interest received from a Cash ISA is currently free of income tax.
An Investment ISA is referred to as a ‘Stocks and Shares ISA'. This is an Individual Savings Account which invests in stocks and shares - either directly, or through things such as unit trusts, OEICs or investment trusts. Capital gains that you receive from your Investment ISA are currently free from Capital Gains Tax - even if you are a higher rate tax payer. With the exception of dividend income, any income you receive from your Investment ISA is currently free from Income Tax. Please note that for dividend income: - if you're a basic rate taxpayer inside or outside an Investment ISA you pay tax at 10 per cent on dividend income; this is taken as a 'tax credit' before you receive the dividend and cannot be refunded for ISA investments;
- if you're a higher rate taxpayer you would normally pay tax on dividend income at 32.5 per cent; in an Investment ISA you won't get back the 10 per cent dividend tax credit element of this, but you will save by not having to pay any additional tax.
Tax rules may change. The value of the tax treatment described will depend on individual circumstances.
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What happens if I pay into more than one ISA in a single tax year by mistake?
You cannot take out more than one cash ISA or more than one stocks and shares ISA in the same tax year. If you do put money into more than one ISA of the same type, in the same tax year, then any payments you've made into the second ISA of the same type will be invalid and you will not receive the tax benefits for that ISA. To find out more please visit the HM Revenue & Customs website. This will open in a new browser window.
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Can you offer me advice on which ISA is right for me?
Egg doesn't offer advice. If you require financial advice, you may be interested in the Citigold Wealth Management Service offered by Citi. To find out more please visit Citi's website. This will open in a new browser window.
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