A UK scheme designed to encourage saving, by allowing individuals to invest a limited sum annually in assets which are not subject to income tax or capital gains tax. This replaced the personal equity plan scheme in 1999. The permitted limits can vary annually; in 2016–17 they were up to £15,240 with any split between a stocks and shares ISA, a cash ISA, or an Innovative Finance ISA, which covers investment using peer-to-peer lending platforms. The limit for a ‘Junior ISA’ for children under 18 was £4,800 with any split between cash and stocks and shares.