Isa holders urged to maximise their investment

Tue, 05 Oct 2010

Although nine out of ten people are saving, most are not maximising their returns or taking advantage of the tax breaks open to them, an investment firm has revealed.

New research conducted on behalf of Fidelity Investment Managers has found that 42 per cent of people in the UK overlook their annual Isa allowance.

Fidelity has therefore called on investors to mark the anniversary of the first phase of the increased Isa allowance (October 6th) by making the most of their investment.

"Despite the fact that many millions of people do contribute to Isas, many millions more are missing out and unnecessarily handing over their hard earned money to the taxman," observed Tom Stevenson, investment director at Fidelity Investment Managers.

"Isas are a fantastic use-it-or-lose-it tax perk - no further tax to pay ever, and a generous £20,400 allowance for a couple, but no way back if you let the tax year pass without taking up your allowance."

This follows research conducted by uSwitch which found that some 81 per cent of all consumers learned about personal finance through trial and error, while just seven per cent learned from their parents and four per cent from banks .
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