Consumers urged to take advantage of ISA allowance

Time is running out for people to take advantage of their ISA allowance, an expert has said.

Taking the opportunity to compare savings on the best ISA rates available in the UK should be done sooner rather than later by Britons looking to take advantage of the tax benefits attached to such products, an expert has said.

According to Julie Smith, savings analyst at the Fair Investment Company (FIC), some 90 per cent of the British population are not currently making the most of the full £10,200 tax-efficient ISA allowance available to them, which will expire in a little over a month's time.

Therefore, Ms Smith noted that it is important for taxpayers to do so before it is too late, as just 9.9 per cent are contributing to a stocks and shares ISA at the moment in comparison to the 40 per cent with a cash ISA.

Meanwhile, Consumer Focus recently called on banks and building societies to offer enhanced levels of advice to customers on ISAs.

By Kate Guthrie