PIMA to consumers: Join the crowd
PIMA is encouraging consumers not to miss out on joining the huge crowd of thrifty people saving in their 2006-2007 ISA. There are only a precious few days left until the end of the old tax year at 23:59 on 5 April.
While it’s best to give some crowds a miss, this is one to join. No queuing. No pushing. Just tax free savings in a huge variety of consumer-friendly vehicles—usually available at your favourite financial provider. Whether you want to play it safe in cash, speculate on stocks or take a stake in Brent Crude, ISA investments allow savers to make profits without paying capital gains tax.
Many companies are still accepting ISA subscriptions until 5 April, but consumers should immediately contact their favourite financial institution to find out about their options for investment in the 2006-7 tax year. Many providers have extra resources available to cope with the increased demand around this time of year, but savers shouldn’t delay.
Savers can make decisions with the confidence that the ISA is more popular than ever. Recently released statistics show that over 11 million people have chosen the ISA in the first three quarters of the 2006-7 tax year, an increase of 5.1% over the same period last year.
As a reminder, there is no change in the subscription limits in this tax year. The limits of £3,000 (mini-cash); £4,000 (mini-stocks and shares); £7,000 (maxi) will remain in place through to the end of the 2007-8 tax year. (Changes announced in the Budget will take effect from April 2008.)
PIMA Director General Tony Vine-Lott said,
‘Consumers should take advantage of the fleeting moments of the 2006-7 tax year to make savings for the future. Many may have unused subscription headroom for this tax year in their ISA. If you are unsure where you stand with your annual limit, check with your bank or financial adviser who should be able to help.’
For more information:
Tony Vine-Lott, Director-General, PIMA
07790 006108
Iain Anderson or Jacob Coy, Cicero Consulting
020 7665 9535
07900 392531