Over 50s 'should protect their savings with ISAs'

The over 50s should ensure they take advantage of new ISA tax rules, it has been advised.

The over 50s should be sure to secure their finances in an Individual Savings Account (ISA), according to advice from one group.

Fidelity International has called for over 50s to take advantage of changes in ISA tax legislation.

New regulations will see the limit on such accounts increase to 10,200 for people in this age group from October 6th this year.

With 21 million people over 50 years old in the UK, this means that a cumulative 63 billion could potentially be saved from taxation, the firm stated.

Commenting on the development, Rob Fisher, head of UK personal investments at the company, said: "Rising taxes mean every saver and investor in the country needs to optimise tax efficiency of their money now more than ever."

A survey conducted by Fidelity International showed eight out of ten people who qualified would be making the most of the extended tax limit.

Furthermore, research from Legal and General recently revealed that up to three-quarters of over 50s are planning on using their extra ISA allowance.

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