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Nearly 15m adults don’t maximise Isa, claim IF

Almost 15m adults in the UK are not maximising tax benefits created by their Isa accounts, according to ICM research commissioned by Intelligent Finance.

Almost 47 per cent – 3.7m adults – with over 2,000 in a savings account admit they have no plans for taking advantage of their Isa allowance this year, nor had 36 per cent of them used their allowance in the last few years. These people are missing out on a total tax benefit of 74m.

The total amount in UK savings accounts has increased from 5,180 to 5,937 in the last year, increasing by 15 per cent.

Intelligent Finance managing director Nick Robinson says: “Isas are a great way to save, you dont get taxed on your savings interest, they pay very competitive rates and many allow instant access to cash. People work hard for their money so they should see the benefits of their savings, not the taxman.”

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Those with decent-length memories will recall that in the 2014 Budget statement George Osborne announced the new (and entirely unexpected) pension freedoms. The new rules come fully into force in less than two weeks.

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