You are here: Home - Saving & Banking - News -

ISA inertia costing Brits millions

0
Written by:
04/03/2008

With time running out to make full use of this year’s ISA allowance, research by Unbiased.co.uk shows that Brits are wasting over £382m in tax by not putting their savings and investments into a tax-efficient savings account.

This figure has more than doubled over the last year.

Unbiased.co.uk shows that £249m is being paid out in unnecessary tax as a result of savings which do not make use of ISAs, and £133m in tax payments occurred as a result of equities being held outside ISAs.
 
April 5 is the deadline for individuals to contribute up to their annual limit (£3,000 for cash ISAs; £7,000 for maxi ISAs) towards ISAs for this tax year. After this date, the limits will reset and allow taxpayers to make use of the tax relief once again.

David Elms, chief executive of IFA Promotion, said: “Savers should use the next weeks to make sure they have made full use of their ISA allowance – if you decide not to save into an ISA, you will end up paying more tax. And once you have missed the April 5 deadline, you will lose you tax-free savings allowance for the 2007/ 2008 tax year.”

 

Related Posts

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Heartwood calls for investor transparency

Heartwood is calling for greater transparency in the property industry’s investor information, as analysis of industry research suggests retail investors...

Close