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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”.

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