If you were to invest your money in a Cash ISA, you will not be required to pay any UK income tax on any interest you earn for that year. This type of account can be managed with a simple phone call or online and because it is backed by the HM Treasury, you can have peace of mind knowing it is safe and secure.
If you are a UK resident and over the age of sixteen, you can open a tax-free account with a minimum deposit. Getting started is easy when you go step by step online in the comfort of your home. Your first question asks if you are saving for a child, for your self or for a grandchild. Your next step will ask you how you want to save.
Your current financial situation and your reason for saving will play a part as to which investment or account will be right for you. You can choose to save with one lump sum, save regularly with an automatic deposit and if you like, you can do both. You will then have choices you can look over and choose the one that suits you. The tax free investments are clearly marked for your convenience.