Feb 5 2008
Britons saving for children and for their own financial futures are likely to lose out on millions of pounds to the taxman this year, it has been claimed.
According to figures compiled by Nationwide Building Society, as much as £230 million extra money could be added to tax-incentivised savings accounts around the country.
Furthermore, individual savings accounts (Isas) have only been opened by around a third of the UK population, which leaves savers missing out on the potential for additional returns, the organisation reports.
"With the Isa season soon to be drawing to a close, people should make sure they are taking advantage of the tax-efficient savings on offer by using all of this year's Isa allowance," said Nationwide's savings director Matthew Carter.
Earlier this week, Rachel Lacey, editor of Moneywise magazine, suggested that British parents have a responsibility to teach their children about money-related issues.
