UK Money News
6th December 2007
Tax efficiency 'sets Isas apart'
Tax efficiency is the major selling point of individual savings accounts (Isas) among UK consumers, it has been claimed.
Finance news from HM Revenues & Customs (HMRC) recently showed that record amounts are being invested in Isas around the country and Adrian Boulding, wealth policy director at Legal & General, is convinced that their tax efficiency is one of the primary reasons why.
In addition, Isa holders can transfer their assets from one provider to another with or without any help with finance details and this flexibility is another reason for the accounts' popularity, according to Mr Boulding.
"A lot of people think that they have to leave their Isas where they are because otherwise they'll lose their tax benefits," he said.
"In fact you only lose tax benefits if you cash the Isa, but if you transfer the Isa by simply filling out a transfer form you can then take advantage of the best investment offer of the moment."
More than £200 billion is currently invested in some form of Isa in the UK, according to the latest data from HMRC.
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