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ISA deadline of 5 April 2012 looms

Taxpayers have two weeks (5/4/12) to top up their ISA to the maximum cash amount of £5,340 so that they do not have to pay any income taxation on their savings rather than paying interest on their deposit earning accounts which are taxable.

An illustration of the tax saving: Assuming you invest the full amount of £5,340 paying interest at 3.5% (assuming you can get it at that rate)  then the annual tax saving amounts to £74.46 (on 40% taxpayer) on interest received of £186.90.

For accounting and taxation advice  including post-Budget 2012 taxation strategies please contact us on 020 8390 6360.

 

 

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