ISA Savings up by £88m
HM Revenue and Customs (HMRC) has announced that savings into ISAs has increased by £88m over the last tax year, despite the harsh current economic climate.
According to statistics released by HMRC, £56.86bn was deposited into ISA’s in 2011/2012 tax year, an increase on the previous year’s total of £53.77bn. However stocks and shares ISAs have beaten cash ISAs, as the latter actually saw a decrease in the amount subscribed from consumers over the tax year.
Tony Vine-Lott, director general of Tax Incentivised Savings Association, said: “It’s a positive sign that overall contribution levels into ISAs have remained steady, despite the economic squeeze. ISAs are maintaining their popularity; they are tax-efficient and easy to understand and access”.
Share this..
Related stories
Teenage financial know-how 'on the rise'
Knowledge of financial products among teenagers has been drastically improved by government education initiatives, Britain's largest quango has said.According to the Learning and Skills Council (LSC) the advent of education maintenance allowance (EMA) has encouraged young people to open bank accounts and consider their savings.Research released today shows that three per cent of 16-year-olds in En...
Read MoreWhat can savers expect in the forthcoming budget?
As Gordon Brown and Alistair Darling continue to suggest that UK savers will be "looked after" in the forthcoming budget many people are now wondering exactly what is in store. As UK base rates have fallen from over 5% to the current level of under 1% we have seen savings rate in the UK collapse. This has led to many people having to dig deep into their deposits even though just 12 months ago many...
Read MoreChanges to the New ISA savings plan take effect
01/07/2014 The much anticipated New ISA (Individual Savings Account) savings rules have been introduced today, meaning that UK adults will be able to save up to £15,000 a year in the UK’s most popular tax-exempt savings plan. The changes will give savers more flexibility over how their money is invested, as previous rigid rules have now been relaxed. Before the 1st of July 2014, a save...
Read MoreUK government wins right to view offshore bank accounts
As we mentioned yesterday, the UK government has been attempting to force 300 foreign banks, with branches in the UK, to disclose offshore bank details with regards to over 500,000 UK citizens. While there has been some debate as to whether access should be provided and ultimately whether the court would rule in favour of the UK authorities, HM Revenue and Customs has been successful in its attemp...
Read MoreIcesave 'enters administration'
Savers with Icesave are likely to have to claim their money back through deposit insurance, after the provider entered administration.Reykjavik-based Landsbanki, Icesave's parent company, went to the wall due to the worsening credit crunch conditions.It has now been nationalised by the Icelandic government.British savers attempting to take their money out of the bank have been met with a terse mes...
Read More