BRITONS are set to waste £110m this year by failing to use their tax-free savings allowances, research claimed.
Around 11.3m people have a savings account, but do not invest their money in a tax-free cash mini ISA, according to IFA Promotion, which supports the work of financial advisers.
The group claims that with people increasing their savings by an average of £2,879 in 2002, they could collectively save themselves £28m in unnecessary tax payments if just £2,000 of this was paid into an ISA.
A further 4.2m people who also invest in shares but do not hold them through an equity ISA are wasting around £82m a year, the group said.
