unbiased.co.uk comments on making the most of your ISA allowance before tax-year end 2013/2014

While the government is about to make ISAs a whole lot ‘nicer’, it’s crucial savers don’t forget about their 2013/14 tax year ISA allowance.

31 Mar 2014

“While the government is about to make ISAs a whole lot ‘nicer’, it’s crucial savers don’t forget about their 2013/14 tax year ISA allowance. There is less than a week to go before the tax-year end deadline and if you don’t use this year’s allowance before the 6 April 2014 you’ll lose it! This year you get a whopping £11,520, of which half can be saved in cash or the full amount in stocks and shares. ISAs are far more tax efficient than ordinary savings accounts, so this is a savings opportunity not to be wasted. Our latest TaxAction research shows UK taxpayers are set to waste as much as £1.1 billion this year by not making the most of their ISA allowance. £984 million of that amount is from people not making the most of cash ISAs and a further £160 million is from stocks and shares investments not being held in ISAs.  

“If you’re considering opening a last minute ISA, either cash or stocks and shares, shop around to make sure you are getting the best rates and the right product for your financial situation. When it comes to investing, it’s important you have a strategy in place and your investment decisions match your appetite for risk. We know only 36% of consumers say they would be confident in managing a stocks and shares ISA without the help of a financial adviser. So if you’re thinking about opening a stocks and shares ISA before the deadline and are not sure where you want to invest, consider depositing your money now and then seek advice. A whole of market financial adviser can look at your finances and build a savings plan around your long-term financial goals. If you already have an adviser or a savings plan then make sure you schedule in regular check-ups to ensure you’re on track and your money is working as hard for you as possible. For a free and confidential search for a whole of market financial adviser, visit www.unbiased.co.uk. Our find an adviser checklist also gives useful tips and questions to ask when looking for a professional adviser.”

ENDS

Notes to editors:

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Emily Falla / Kate Aitchison: 020 7294 3682

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Category: Savings & Investments Tagged: ISAs, tax


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