You don't have too much time left to make up your mind before the 5 April 2005 deadline about how to fully utilise your individual savings account (ISA) allowance before the end of the 2004/05 tax year. At this time of the year we are asked many questions relating to this subject, so to assist you if you are considering increasing your ISA exposure or are looking to purchase your first ISA, we have provided answers to some of the most commonly asked questions. Q: What is the difference between a Maxi and a Mini ISA? A. Each tax year you can take out either one Maxi ISA or one each of the three types of Mini ISA, the proceeds of which are tax-efficient. The Maxi option permits you to invest the full £7,000 annual allowance into stocks and shares, or up to £3,000 in cash, or up to £1,000 in life insurance and the remaining amount in stocks and shares up to the £7,000 limit.

With Mini ISAs, you are allowed to choose from a cash Mini ISA (£3,000 maximum allowance); a stocks and shares Mini ISA (£3,000 maximum allowance); and a life insurance Mini ISA (£1,000 maximum allowance). You can have one of each type of Mini ISA each year, each with a different company, but you are not permitted to take out a Mini and a Maxi ISA in the same tax year.

A. Each tax year you can take out either one Maxi ISA or one each of the three types of Mini ISA, the proceeds of which are tax-efficient. The Maxi option permits you to invest the full £7,000 annual allowance into stocks and shares, or up to £3,000 in cash, or up to £1,000 in life insurance and the remaining amount in stocks and shares up to the £7,000 limit. With Mini ISAs, you are allowed to choose from a cash Mini ISA (£3,000 maximum allowance); a stocks and shares Mini ISA (£3,000 maximum allowance); and a life insurance Mini ISA (£1,000 maximum allowance). You can have one of each type of Mini ISA each year, each with a different company, but you are not permitted to take out a Mini and a Maxi ISA in the same tax year.

Q: Are ISAs good for providing an income?
A: ISAs are ideal for generating an income that is also tax-efficient - and you don't even have to declare any payments you receive on your annual tax return.

Q: Can my children have an ISA?
A: This depends on their ages and on thte type of ISA they want. Anyone over the age of 16 is permitted to have a cash ISA for up to £3,000. But you need to be 18 to have a Maxi ISA, which includes stocks and shares and life insurance, or a Mini stocks and shares or life insurance ISA.

Q: I want to select my own shares rather than using unit trusts, OEICs or investment trusts. Can I do this in an ISA?
A: Yes, through a self-select ISA. You simply decide upon an ISA wrapper and then choose which shares or other permitted investments you want to buy within it.

Q: What are my ISA options?
A: Follow our guide to see which ISA you should talk to us about.

Do you want to invest in stocks and shares through an ISA this year? Yes Þ No ß	Do you also want to invest in other assets through an ISA this year? Yes Þ No Þ	You could open a stocks and shares Mini ISA to a maximum of £3,000 in 2004/05. Consider also cash and life insurance mini ISAs (see below)
		You could invest in a stocks and shares Maxi ISA to a maximum of £7,000 in 2004/05. But note that you may not now invest in other assets via an ISA.
Do you want to invest in cash through an ISA this year? Yes Þ No ß	Do you want to invest in life insurance through an ISA this year? Yes Þ   No Þ	You could open a cash Mini ISA to a maximum of £3,000 in 2004/05 and a life insurance Mini ISA to a maximum of £1,000 in 2004/05.
		You could open a cash Mini ISA to a maximum of £3,000 or a cash Maxi ISA to a maximum of £,000 in 2004/05.
Do you want to invest in life insurance through an ISA this year? Yes Þ		You could open a life insurance Mini or Maxi ISA to a maximum of £1,000 in 2004/5. Levels, and bases of, and reliefs from taxation are subject to change.