ISA market experiences upsurge

Savers opted to take advantage of their tax free ISA allowance between March and April by opening an account. An increase in the annual ISA allowance has boosted the UK investment industry. Consumers paid almost £350 million into ISAs around the turn of the tax year marking one of the strongest seasons for investment funds over the last nine years. Figures revealed by the Investment Management Association (IMA) show that between between March 1 and April 5 about £956 million was paid into UK-based unit trusts and open-ended investment companies (Oeics). This is the largest recorded figure since 2002.