Savings don't have to be taxing

Almost half of adults in the UK are knowingly paying too much tax, but doing nothing about it.

New research by Britannia Building Society has revealed that 48% of adults in the UK have never had an ISA and are missing out on tax free savings. What's more, of those who don't have an ISA, 30% don't even know what one is.

Neville Richardson, Group Chief Executive of Britannia, explained: "Our research reveals that there are many misconceptions about ISAs and people just don't understand how they work.

"It's a shame that many of those who are saving are unnecessarily being taxed twice - firstly on their income and then again on their savings. This means 48% of adults are financially worse off by missing out on tax free returns on their savings."

Savers are usually reminded to top up their ISAs just before the end of the financial year, which means they only have a short time to take advantage of their tax free allowance.

Because Britannia is building a fairer society, it is reminding people that they can open an ISA at any time of the year. And with just under six months before the new financial year, savers have plenty of time to take advantage of this year's tax free allowance and benefit from a higher return on their savings, rather than wait until the last minute.