John Lee, a minister in Margaret Thatcher's government in the Eighties, is living proof that serious wealth can be made from tucking away money in a stocks and shares Isa each year.
Telegraph Money asked him to name the shares he held in his Isa today and to explain how he has reshaped his portfolio since August 2013, when a rule change allowed shares listed on London's junior Aim market to be held in Isas for the first time.
How Lord Lee has reshaped his Isa portfolio over the past couple of years Lord Lee's investment approach is simple: to buy established, profitable businesses that pay dividends.
At present he holds 20 shares in his Isa, eight of which belong to the Aim market.
"I think private investors should be able to support small businesses that need the capital to grow, while at the same time avoiding taxes on income, capital gains and inheritance if held for two years." Since the rule change, Lord Lee has reshaped his Isa portfolio to introduce Aim shares.
After becoming an Isa millionaire, Lord Lee no longer felt the need to make full use of his Isa allowance, saying he had put only a "Modest" amount of new capital into the savings schemes since reaching the landmark.
The shares he is buying in 2015 This Isa season Lord Lee said he had reinvested some of his profits into Quarto, the publisher, because the shares were cheap, currently trading on a price to earnings ratio of 10.
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