Tax wrappers
A tax wrapper can be wrapped around either the underlying investment or the pooled investment, and means you pay less or no tax. Examples of tax wrappers include ISAs (Individual Savings Accounts) and pensions.
ISAs
You can invest in two separate ISAs in any one tax year: one cash ISA and one investment ISA. This can be with the same or different providers. Because of the tax breaks, there is a limit to how much you can put in an ISA.
For more information on ISAs see Cash ISAs and Investment ISAs.
Pensions
A pension is a long-term investment with a tax wrapper and special rules (about how much you can invest, when and in what form you can take benefits). You get tax relief on your contributions up to a set limit and your income is taxable when you receive it at retirement.
See the Pensions section for full details about pensions.