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Brits missing out on £424 million in savings

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    Brits are missing out on £424 million this tax year by not taking advantage of the tax benefits of Individual Savings Accounts (ISA), according to research by Alliance & Leicester.
    Misunderstandings about the benefits of ISA's means that of the seven in ten consumers who have savings and/or investments, 45 per cent are missing out on the tax advantages of an ISA.
    The ISA, a tax-free account, was launched by the government seven years ago, to encourage saving rather than borrowing. Low interest rates and relaxed rules on borrowing has led to many consumers taking on loans and credit card debts, in recent years.
    Consumer debt rose to £1 trillion last year, with the number of people having trouble with mounting debt and bad credit also rising. Britons seem to be largely unaware that putting the annual allowance of £3,000 into a cash mini ISA would save them at least £30 in tax a year, which would amount to £840 so far.
    The research found that only half of savers questioned thought that not paying tax on savings was a key consideration when choosing a savings account.




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