Taxman benefits from unused ISA allowances - study
Thursday, 18 March 2010 11:08AM
Taxman benefits from unused ISA allowances - study
With just 15 days left to use this year's allowance, the company believes it is time for consumers to think about how to use their savings accounts to their full advantage.
Nick Scarrett, Head of Investment and Pensions at the firm, explained: "The 2009/10 tax year ends on April 5th; once the deadline is passed, the tax-free allowance for the current year can never be clawed back."
He emphasised that although cash ISAs are generally the most popular products, stocks and shares ISAs could well be an effective way of investing for some people.
The Share Centre recently found that 20% of investors over 50 have taken advantage of the ISA increase.
Posted by Martin Ellis
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