Deadline looms for tax-free ISA savings

Recent research has revealed that today, March 30, is traditionally the most popular day of the year for ISA investing.

This is because the cut-off point for using an annual savings allowance is April 5, meaning that investors have just a few days left to make the most of this year’s £15,240 allowance.

However, the good news for savers is that even those who miss out on the opportunity will be granted another allowance starting April 6, worth another £15,240; with the allowance from April 2017 increased to £20,000.

Experts predict that most Britons are inspired to take last-minute action on a ‘use it or lose it’ basis, whereas more astute savers recognise that using their savings allowance at the very beginning of a tax year will give them a full 12 months of tax-efficient growth.

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Craig Nicholson
Craig joined Wilson Wright in February 2012 as our tax partner, heading up the twenty strong personal tax department. He will further enhance the taxation services that we provide with his in depth experience of personal, corporate and international tax matters.