Isa investments hit highest level
July 4, 2007 by admin
Filed under News, News-Banking
The last tax year saw the highest number of subscriptions to Individual Savings Accounts (Isas).
Figures from the Tax Incentivised Savings Association (TISA) show that £33 billion was invested in Isas in the year 2006/07.
The total number of people now investing in Isas has reached 20 million, with £300 billion earning interest with tax breaks.
Tony Vine-Lott, director general of the TISA, said that the figures put paid to scare mongering about a lack of people saving.
“While there are headlines claiming the savings ratio is at its lowest ebb, we can see from official HMRC [HM Revenue & Customs] figures that Isas are booming.
“The 2006/07 tax year was a record – showing that tax incentivised savings remain hugely popular with millions of people.
“TISA will be looking to ensure the popularity of Isas remains high on the public policy agenda,” he added.
Isas can only be invested in ahead of the tax year beginning, so savers will have to wait until April next year to qualify for the next round.
