UK Money News
4th February 2008
Isa holders 'could miss out on £230bn'
Independent savings account (Isa) holders stand to pay billions of pounds more than they should in tax this year because they are not using their full yearly deposit allowance.
According to figures from Nationwide Building Society, holders of the high interest accounts could pay up to £230 billion more to the taxman simply by failing to top up their account on a yearly basis.
However, with some months to go before the deadline for the tax year 2007-08, there is still time for savers to take action to ensure they do not miss out, Matthew Carter, savings director at Nationwide, said.
He commented: "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.
"Any part of their allowance remaining unused by April 5th will be lost forever. Millions of people fail to do this each year and are simply allowing their hard-earned money to line the Chancellor’s coffers."
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