Feb 25 2008
The thousands of people around the UK who have invested in individual savings accounts (Isas) are likely to miss out on millions of pounds collectively by not using all of their tax-free allowances, it has been suggested.
According to Mark & Spencer (M&S) Money, a total of around £250 million in interest will be passed-up by Isa investors who do not set aside the full amount of tax-free cash they are entitled to.
Each adult in the UK can save a total of £3,000 in an Isa without being liable to tax on an annual basis and many people are now saving for children or for their own financial future in this way.
Brendan Cook, chief executive of M&S Money, commented: "We urge savers to take more interest in their savings and make full use of their cash Isa allowance, particularly from April 6th when the allowance will be even more generous at £3,600 a year."
Friends Provident reported recently that millions of people around the UK are planning to redouble their savings efforts over the next few months as part of a "financial makeover".
