Nationwide: Over £230 million lost to the taxman

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Nationwide: Over £230 million lost to the taxman

According to new research from Nationwide Building Society savers in the UK could be paying more than £230 million in extra tax by failing to take advantage of their yearly tax allowance.

As the 2007-2008 tax year draws to a close, individual savings account (Isa) holders risk missing out on tax-efficient returns on their savings if they fail to take full advantage of their annual Isa allowance.

Approximately a third of the UK adult population currently has an Isa and many of those fail to top up their account on a yearly basis.

Nationwide Building Society estimates that mini cash Isa holders will fail to top up their accounts by approximately £9 billion this year, mini stocks and shares Isa holders by £5.5 billion and maxi Isa holders by £6 billion.

Matthew Carter, Nationwide's savings director, warned that if people failed to use up their Isa allowance by the 5th April 2008 it would be "lost forever".

He said: "Millions of people fail to do this each year and are simply allowing their hard-earned money to line the chancellor's coffers."

Currently, savers can invest up to £7,000 in Isas each tax year, either in one maxi Isa or two mini Isas.

Anna Bowes of advisers AWD Chase de Vere told the Observer earlier this week that the downturn in financial markets makes this an ideal time to commit funds to an Isa.
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