Savers have been urged to make use of their individual savings account (Isa) allowance before April 5th or lose it forever.
The message comes from Nationwide Building Society which estimates that in total, people who fail to use their full Isa allowance could end up paying more than £225 million extra in tax over the course of the financial year.
Matthew Carter, Nationwide's savings director, said: "With only a month remaining in the current tax year, people should make sure they are taking advantage of the tax-efficient savings on offer by using all of this year's Isa allowance."
He added that anyone who did not do so was "simply allowing their hard-earned money to line the chancellor's coffers".
This tax year savers can invest up to £7,000 in Isas, this figure will increase to £7,200 a year from April 6th 2008.
On Tuesday, figures released by Barclays Stockbrokers found that 26 per cent more people invested in an Isa in the first two months of the year compared to the same period in 2006.
Savers urged to use Isa allowance
Savers urged to use Isa allowance
Thu, 06 Mar 2008
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