An ISA is not an investment, it is really a tax allowance that can be used to shelter other investments from tax.

The industry of course doesn't tend to 'sell' ISAs on this basis but that is the reality, and like any tax allowance, if you don't use it before the end of the tax year then you lose it.

Every adult in the UK currently has an ISA allowance of £15,240 to use by 5 April 2016.

To 'use' your ISA allowance all you have to do is to open an ISA. Subject to any charges you may incur, this is then yours forever and can be used by you or your financial adviser to move any eligible investments into to protect them from tax.

Using ISAs to shelter your investments is a mainstay of financial planning, so make sure you use your 2015/16 ISA allowance to keep this planning tool in your kit bag for your future.