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Sample Question:
An ISA used to repay a mortgage has which of the following benefits?
- Tax relief on contributions at the highest marginal rate
- Unlimited contributions to the ISA
- Proceeds that are free of income tax
- Built-in life cover
The correct answer is - Proceeds that are free of income and tax
The growth in an ISA is from tax in the hands of the investor.
Some providers do offer a hybrid ISA which will include some life cover but generally, a normal ISA plan will offer growth either through investments in cash or the stock market.
