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Alliance Trust issues Isa advice

Consumers should make sure that they use their entire tax-free savings allowance this year, Alliance Trust has urged.

Currently, Individual Savings Account (Isa) holders are allowed to avoid tax on £7,000 of savings - split between cash and stocks and shares accounts.

Following the savings deadline on April 5th, consumers will then be allowed to put £3,600 in a cash Isa and £3,600 in a stocks and shares Isa across the next financial year.

Given that mainstream sales accounts are taxed, these accounts represent an excellent option for Britons hoping to put money by for the future.

Marketing manager at Alliance Trust Savings, Simon Longfellow, advised: "It makes good sense to take advantage of this…tax-free allowance if you are able to save.

"However, you will have to hurry because there’s not much time left until the end of the tax year."

Offered by most banks, Isas come in both fixed and variable rates. Customers are advised to shop around for the best deal, as rates can vary widely.

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