Consumers urged to top up Isas early
30/03/2007
Consumers should top up their individual savings accounts (Isas) at the beginning of the tax year in order to see their money grow to its full potential, an expert suggests.
Stuart Bernau, Nationwide Building Society's executive director, indicates that failure to do this means that people can miss out on the opportunity to boost their savings to the maximum.
His comments come as Nationwide announces the potential tax-free interest figures for those using Isas over the next financial year.
The building society's figures show that if the 11.8 million people who hold cash Isas were to pay their full £3,000 tax allowance into their account at the beginning of April, they would reap a combined total of £354 million in interest.
Mr Bernau said: "Understandably, not everyone is in a position which allows them to use their full Isa allowance each year but we would encourage anyone who has some money to put aside - even if it is just a few pounds here and there - to save or invest in an Isa and avoid paying tax on the proceeds."
April 6th marks the start of the new tax year and is also the one-year anniversary of A-Day, an occasion which heralded a number of radical changes to the pensions system.
Stuart Bernau, Nationwide Building Society's executive director, indicates that failure to do this means that people can miss out on the opportunity to boost their savings to the maximum.
His comments come as Nationwide announces the potential tax-free interest figures for those using Isas over the next financial year.
The building society's figures show that if the 11.8 million people who hold cash Isas were to pay their full £3,000 tax allowance into their account at the beginning of April, they would reap a combined total of £354 million in interest.
Mr Bernau said: "Understandably, not everyone is in a position which allows them to use their full Isa allowance each year but we would encourage anyone who has some money to put aside - even if it is just a few pounds here and there - to save or invest in an Isa and avoid paying tax on the proceeds."
April 6th marks the start of the new tax year and is also the one-year anniversary of A-Day, an occasion which heralded a number of radical changes to the pensions system.
