Sep 25 2007
A recent report from the Britannia Building Society has shown that there are many thousands of UK consumers who are unaware of the individual savings account (Isa) options available to them.
Research by the financial service provider suggests that close to half (48 per cent) of all British consumers have never opened an Isa and 30 per cent of these people are unaware of their existence.
In many cases, those who have heard of Isas are not certain as to how such an account could help them pay less tax on their savings, the Britannia report concludes.
"It's a shame that many of those who are saving are unnecessarily being taxed twice - firstly on their income and then again on their savings," said Neville Richardson, Britannia's chief executive.
"This means 48 per cent of adults are financially worse off by missing out on tax free returns on their savings," he added.
Figures from HM Revenues & Customs showed recently that the most recent tax year saw a record amount of money invested in Isas in the UK.
