Basic-rate taxpayers who are keen to invest in corporate bond funds where no tax is deducted should also invest. This year I have chosen four quite different Isas. First, Invesco Perpetual monthly income, managed by Paul Reed and Paul Causer, who have an outstanding record over the years. This fund yields 5.5 per cent tax-free. Over the past five years the total return on this fund has been 8.6 per cent a year. The second fund, Close Pip Isa, is for those who want a tax-free income but are keener on growth over the longer period. It invests in seven types of property. Close has an outstanding record in the property field where yields are much higher than on equities and gilts. There is also likely to be increased demand for commercial property. The third, Framlington select opportunities is managed by my favourite UK fund manager, Nigel Thomas. He was for many years the top-performing manager of all. This fund is up by over 74 per cent over the past two years. He invests in a mixture of large, mid-cap and smaller companies and should continue to do well especially as his fund is still less than a 10th of the size of my other favourite fund, Anthony Bolton’s Fidelity special situations fund. My last choice is New Star Pacific growth, managed by Ian Beattie, which, over the past two years since he has been managing it, is up by over 60 per cent. It invests mainly in Hong Kong, China, Korea, Taiwan and Singapore with smaller holdings in other Far Eastern countries. particularly like the Far East, out of 23 manage-ment groups’ forecasts, 17 are positive, six neutral and none negative.