New Isa allowance 'has worked well'

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New Isa allowance 'has worked well'

The new Isa allowance for Britons has been a successful move by the government, according to a representative from financial planners Informed Choice.

Martin Bamford, chartered financial planner at the company, claimed that the previous quantity permitted did not allow people to build up enough cash in a year.

He stated that as soon as the allowance crossed the £10,000 mark, investors pricked up their ears and began to take notice.

"I think that the additional £3,000 Isa allowance has worked well to raise the profile of Isa investments and also make it a more meaningful tax-efficient investment allowance," remarked Mr Bamford.

His comments follow the news from Fair Invest that Isa applications for the first three days of the tax year have gone up by 52 per cent compared to the same period in 2009.

The Informed Choice finance specialist pointed out that the new regulations allow a couple to protect over £40,000 of investments from tax during the last few weeks of one tax year and the first few of the next.

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