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April Isa sales top £1bn in huge last-gasp rush

A massive last-minute wave of cash took Isa investment over £1bn in April.

IMA figures show that the end of tax year rush boosted net sales to around £1.15bn – the highest level for 12 months – from £839m in March but failed to match the £1.39bn fig- ure for April 2001.

Around half of last mon-th&#39s sales came in the scramble to meet the tax deadline, with net sales between April 1 and April 5 hitting £563m. It meant that Isa sales accounted for 38 per cent of all retail sales last month compared with 31 per cent in March.

Direct sales of Isas continued to rise, accounting for almost a third, with tied agents and salesforces responsible for 27 per cent. IFAs took 43 per cent.

The IMA says it is unsure whether this development is a general trend or a result of the Isa rush with investors having little time to seek advice.

It says the overall figures are much improved on those for the year to April 5 which, at £5.5bn, were 40 per cent down on the previous year&#39s £8.9bn.

Head of communications Clare Arber says: “The end of the tax year saw a continued improvement in sales relative to last year, with the gap in net retail sales narrowing to less than 20 per cent from 40 per cent at the turn of the year.”

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