SALES OF tax-efficient individual savings accounts (ISAs) fell by 10% during 2005, despite net retail sales of funds outside the tax wrapper rising by 73% over the same period, reports The Scotsman .
According to the paper, the latest investment fund statistics report from the Investment Management Association (IMA) showed net ISA sales fell to £1.8bn last year, the lowest level since the plans were introduced in 1999, but at the same time net retail sales rose to £8.5bn, to their highest level since 2001. A spokeswoman for the IMA said investors have continued to be nervous about getting back into equities after three years of falling stock markets. The gradual erosion of the tax incentives within ISAs was another reason given for holding back sales.The IMA spokeswoman told the pap...
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