How to save £50,000 in four days

13 january 2013

INVESTORS should move fast to maximise tax allowances and reliefs before the end of the tax year — potentially saving up to £50,000 in only four days.

Advisers report that clients are rushing to invest in Isas and pensions, as well as venture capital trusts and enterprise investment schemes, before midnight on April 5.

Neil Avery at Timothy James & Partners, the adviser, said: “There are now very few non-contentious, government-approved tax vehicles such as Isas, pensions and VCTs, and we expect this to be a healthy season for them overall.”

Use your Isa allowance

You can put £10,680 into an Isa by midnight on April 5, up to half of which can be in cash.

Someone who has used their full cash Isa allowance since 1999 would now have a pot worth £57,000, given annual average interest rates, according to M&S Money.