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Isa laziness 'costing Britons dear'
04 March 2008
Britons are unnecessarily handing over an extra £382 million to the tax man each year because they do not use individual savings accounts (Isa) correctly, according to new research by Unbiased.
The financial site says that although four million people hold equities in Britain, few fail to take advantage of the annual tax-free allowance on their stocks because the equities are not registered in an Isa account.
Savers are allowed to pay up to an annual £3,000 tax-free contribution in cash.
David Elms, chief executive of IFA promotion, has encouraged savers to look carefully at their finances before the April 5th deadline to make sure they are making tax effective savings.
"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," he said.
Isa's allow savers to claim up to £7,000 per year broken into shares and cash components with the option of either a Maxi Isa or a Mini Isa. 
