Tuesday, May 30, 2006
Category:
Finance News
Two-thirds of British consumers are chucking away £1.25 billion a year in ISA tax breaks, according to research from First Direct.
The company said that Brits are failing to use the tax-free savings offered through ISA products. Each year for the last four years 12 million people have signed up, but only around 16 million have joined up since 1999.
"This suggests that for the vast majority, it's the same savvy savers who are signing up year after year," said Ben Dunn, head of marketing at the online bank, on April 3rd 2006.
"With around 30 million savers in the UK, and around 28 million income tax payers too many people are still missing out on one of the easiest tax breaks available."
There is plenty of time to use allowances for the new tax year and individuals are advised to take advantage of this year's allowance.
