End-of-year Isa upturn fails to lift total sales

The slump came despite net Isa sales reaching an 11-month high in March. Indeed, for March and the first five days of April, the IMA recorded net Isa sales of £772m, which represents about 45% of the total net sales over the tax year. Some £327m was recorded in the first five days of April alone.

Despite the overall fall in Isa sales compared with last year, the IMA says the last-minute rush means there was a distinct Isa season in 2005. Richard Saunders, chief executive of the IMA, says Gordon Brown’s decision to retain Isa limits in the last Budget has “undoubtedly been vindicated”.