Survey Finds Every Briton Loses 403 Pounds Per year By Not Using Tax-Free ISAs

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22nd June 2012 12:27 - Financial Services

Market research by financial adviser website unbiased.co.uk has shown that the UK public is throwing away a fortune by not taking advantage of the tax-free annual allowance offered by ISAs.

In total, Britons are squandering a massive £376 million by not putting their savings into Cash ISAs, and a further £27 million by not investing in Stocks & Shares ISAs.

This equates to each person in the UK losing out on £403 per year by failing to put their savings and investments into tax-free savings accounts such as ISAs.

Chief Executive of unbiased.co.uk, Karen Barrett, commented: "Even if you only have a little to put aside, saving a small amount regularly each month in a tax-efficient savings account can make a real difference over the long term. It is important for people to ensure they are making their savings work as hard as possible. By putting some basic tax planning in place, such as investing in an ISA rather than a standard savings account, they could optimise their savings without having to do very much."

She added: "Each new tax year means another opportunity to save tax-free. Our research shows that with over £400 million set to be wasted this year, there are still far too many people who are not saving in a tax-efficient way."

From the start of the new tax year on 6 April 2012, the ISA allowance will rise – the maximum amount that can be invested in a Stocks & Shares ISA will increase from £10,680 to £11,280, with £5,640 of this that can be put into a Cash ISA .

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