A stocks and shares ISA or Investment ISA is a tax-efficient investment, to shield you from capital gains tax and income tax. An investment ISA isn't necessarily tax-free: you will have to pay some tax if you receive dividends from shares (even if those shares are held by an investment fund, rather than directly). Your ISA pot would form part of your estate on death – and could be subject to inheritance tax.
There are charges involved with investment ISAs. There will probably be charges for setting up the investment, for making a share trade, and charges for managing an investment fund. If you want to cash in your investment early, or transfer to another investment, there may be charges for this also. It's no different to investing outside of an ISA.
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