Rush for ISAs at end of tax year
New figures released today show that there was a “rush” to purchase ISAs as the tax year came to an end.
The Investment Management Association(
IMA) said £347m was invested in ISAs in the first five days of April alone.
According to new statistics, ISA net sales through funds of £1.1bn for tax year 2012/13 and funds under management at a new peak of £718 billion, with net retail sales of £787 million
Daniel Godfrey,
IMAChief Executive, said the last minute rush into ISAs at the end of the tax year is a common trend.
“Investors should be reminded that they can invest in ISAs on a regular monthly basis,” he said.
“This not only reduces the financial burden of finding a lump sum but also reduces risk as you buy more units if prices fall, which then achieve higher proportionate gains when prices recover.
“Overall sales were lower in March compared to recent months. The sector rankings for the month both for ISAs and funds in general suggest that investors are spreading their money across different asset classes and that both growth and income strategies are in demand.”
According to the
IMA, Mixed Asset was the best-selling asset class with net retail sales of £291 million.
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