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Media centre /
Press releaseNATIONAL SAVINGS AND INVESTMENTS URGES PEOPLE TO CONSIDER SAVING MORE THROUGH TAX-FREE ALLOWANCES07 April 2003People in Britain are not taking full advantage of their ability to save tax-free partly because most are unaware of the amount they can shelter from the taxman, according to research commissioned by National Savings and Investments (NS&I). The new tax year started on April 6 2003 and people can maximise their tax savings not only by putting their money into ISAs, but also NS&I's range of tax-free products. The research (see notes to editors) found that while over half of the British public (52%) knew they could save tax-free, only 1% thought they could save more than £10,000 tax-free per year. In addition, one in three (33%) said they would save more if the amount of tax-free savings allowed was higher than they thought. Tax-free savings are available through:-
Saving tax-free with National Savings and Investments (see notes to editors for table) Savers can invest up to £63,000 tax-free in a range of products with NS&I at any one time. All of them are available through Post Office™ branches and Savings Certificates and the Cash mini ISA are also available by telephone - 24 hours, seven days a week (0500 500 5000) or the internet (www.nsandi.com). Additional tax-free investments can be made in Savings Certificates whenever new issues are introduced, and there is also the opportunity to invest up to £1,000 tax-free for children in each issue of Children's Bonus Bonds. Gill Cattanach, commercial director at National Savings and Investments said, "The new tax year provides an ideal time for savers to review their investments and the research shows they are not taking advantage of all the tax-free opportunities currently available on the market, in a third of instances because they don't know just how much they can save tax-free. "We have the widest range of tax-free savings available, many of which are unique. Not only are they easy to invest in, they all come with 100% guaranteed security because of their Treasury backing." ENDS Notes to Editors1. £63,000 made up as follows:
Table 1 : National Savings and Investments tax-free options
2. The National Savings and Investments survey was conducted by Taylor Nelson Sofres via OMNIMAS between 2-6 August 2002. The sample size was 2,172 adults. 3. National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products (to 30 million customers). 4. All products offer 100% security, because they are backed by HM Treasury. 5. Further information and digital images are available from the NS&I Media Team. An ISDN line is available for interviews. NS&I Press Office
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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