The majority of people are set to miss out on their individual savings account (Isa) allowance this year, new research shows.
A study by New Star Investment Funds found that 62 per cent of people said they would not be making use of their Isa allowance in this financial year.
The remaining 38 per cent said they are still considering taking out an Isa before the April deadline.
Richard Wilson, marketing director for the investment firm, explained that those who did not make use of their Isa allowance could be losing out.
He said: "The survey suggests that the majority of investors may be relinquishing the opportunity to protect up to £7,000 from the clutches of the taxman."
The study also found that ten per cent of respondents said concerns about investment markets and the economy in general is the reason they will not be taking out an Isa this year.
Meanwhile, the Time reports that the chancellor, Alistair Darling, has come in for criticism from some groups for failing to further increase Isa allowances.
Majority to miss out on Isa benefits
Majority to miss out on Isa benefits
Fri, 14 Mar 2008
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