Savers rush to fill their Isas as personal finance “Christmas sales” approach
It's that time of the year again – as the end of the tax year approaches, the nation's cash-rich are in a savings frenzy, hurrying to stow as much in an Isa as possible.
In fact, financial adviser Hargreaves Lansdown suggests, savers will put £2.6bn into stocks and shares Isas this week.
According to the company, over the last two years 14 per cent of its stocks and shares Isas were opened in the last two weeks of the tax year.
Last year, 111 Isas,72 Isa top-ups, 18 self-invested personal pensions (Sipps), and 80 Sipp top-ups were opened between 11pm and midnight on the night before the deadline. The final call was finished at a too-close-for-comfort 11.58pm.
"This week is as popular with savers as the Christmas sales are with shoppers," said Danny Cox, a chartered financial planner at the company.
"An enormous amount of money will be sheltered in Sipps and Isas, beyond the clutches of the taxman, as investors dash to beat the closing bell at midnight on 5 April."