Below are brief descriptions of some of the main types of tax you may have to pay on your savings and investments.

As levels of taxation vary, visit the Inland revenue site at www.inlandrevenue.gov.uk/rates/index.htm for up to date levels.

We have also included information on the current tax free savings limits and what to do if you are a non taxpayer. For specific tax information about different types of saving and investments please speak to an Independent Financial Adviser (IFA).

You'll find details of your local IFA in the Yellow pages (www.yell.co.uk), or visit http://www.ivillage.co.uk

Click on the following links to find out about the main types of tax you may have to pay, and other information:

• Income tax
• Capital gains tax (CGT)
• Stamp duty
• Inheritance tax
• Tax free savings limits
• Information for non-taxpayers

Income tax
Income tax is a tax which is payable on any money you receive - like your wage, pension or any income you get from any savings and investments (unless you save or invest through a tax-free savings product like an Individual Savings Account (ISA) or the tax free products offered by National Savings and Investments.

The rate of income tax that you pay is tiered and depends on what you earn. For up to date tax levels, visit www.inlandrevenue.gov.uk/rates/index.htm.

Capital gains tax (CGT)
This tax is payable on any gains you make when you sell assets, like shares or a second home.

Everyone has a minimum amount of money they can make from these types of assets before you have to pay capital gains tax, and some assets are exempt. For up to date tax levels, visit www.inlandrevenue.gov.uk/rates/index.htm.

Stamp duty
Stamp duty is a tax that you have to pay when you buy a house, or when you are buying stocks or shares.

This is paid at the time of purchase, for example, when you buy shares or a house. For current stamp duty limits visit www.inlandrevenue.gov.uk/rates/index.htm.

Inheritance tax
Inheritance tax is a tax you pay on whatever you leave to your loved ones, known as 'your estate', after you pass away, if your estate is worth over a minimum amount.

For more information visit our inheritance tax section. For current inheritance tax limits visit www.inlandrevenue.gov.uk/rates/index.htm.

Tax free savings limits
One of the main ways to save tax free is through taking out an Individual Savings Account (ISA).

The current limits are that residents in the UK who are 18 or over can invest up to £7,000 in a Maxi ISA or up to £3,000 in a Mini ISA during the current tax year. The government has promised to keep these levels the same until 2005/2006. For more information, visit our ISA section.

National savings and investments are also a way of saving without paying tax.

Some types of National Savings and investments products are tax free, whilst others pay the interest gross - which is useful if you are a non-tax payer. Visit our tax free saving section for more information or visit www.nationalsavings.co.uk.

Information for non-taxpayers
To find out what to do if you are a non-taxpayer speak to an Independent Financial Adviser or a Tax Adviser, but to get you started make sure that you get:

• R85 form from banks or building societies - this means that for non-tax payers if you complete this form you can get your interest paid on any savings and investments without tax.
• If you've already paid tax - get a R40 office from the tax office to reclaim any interest you've already paid.

For more information visit www.inlandrevenue.gov.uk or call the Taxback Helpline on 0845 077 6543.