Looking to get into streaming. What specs do you recommend?

I'm not very tech savvy hence the reason why I am asking for assistance :)

As the title says I'd like to get into streaming but I have no idea on the requirements / specs to start a decent stream with no lag etc. My primary content would be from FPS games on the Xbox One.

I'm guessing I'd need a capture card or some type of device like that? I would like to stream in 720p upwards and I don't know anything about frame rates etc so I'm hoping you guys can give me the best advice / specs to achieve a nice crisp looking stream.

If anyone can give a general in-sight into what I should buy that would be very appreciated! On a side note in case anyone asks about budget my minimum spend is £500. I'm aware that this is the very minimum when talking about anything PC related.

Thank you :)

Submitted by iStr8Rippin Xbox 720 Release Date 2015