In 1999, then-Chancellor Gordon Brown introduced Britain to a no-tax savings scheme that would prove wildly popular. Brown set out to help more people save and encourage those on middle and lower incomes to plan actively for their futures. He planned to do this through individual savings accounts (ISAs), which allowed people to invest or save up to £7,000 (€8,150) a year without paying any tax on the gains or interest they accrued. Now 25 years old, ISAs have proven to be an enormous success with around 11.8 million adults availing of them in the UK and the value of…

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