With just a few days left until the end of the tax year, discount broker Willis Owen is expecting a frenzied run-up to April 5 as retail investors aim to make the most of their ISA tax free allowance before time runs out. Willis Owen is urging people not to leave it to the last minute and risk losing out on their Individual Savings Account allowance because of unforeseen delays.
Jason Chapman, Managing Director at Willis Owen, commenting on ISAs said:
"We've previously seen as much as 17% of our yearly business conducted in the final week, which just goes to show how many customers wait until the death to top up their ISA allowance. We expect things to be the same this year.
"Our cash reserve facility is always popular at this time. This is for customers who want to make the most of their allowance but don't yet know where they want to invest it. This facility means they can park it for the time being, secure their allowance, and then decide where to put it over the coming weeks.
"But whether investors choose the cash reserve or invest their cash straight into funds, we urge them not to leave it to the very last minute. Every year we have customers who lose out because they forget to sign cheques, don't have enough cleared funds available in their bank account, or suffer internet issues. By allowing a bit of extra time these admin problems can be overcome."
Willis Owen will be accepting applications right up until the following dates and times:
• Paper applications: must be received by 3 April
• Phone applications: open until 1pm on 5 April
• Online applications: open until 11.30pm on 5 April