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PPI refunds: Taxman 'gaining £1.6m a year from ISA investors'

Around £1.6 million is being paid to the taxman instead of end investors, new research has revealed.

The Investment Management Association (IMA) has found that that investors using their full ISA allowance to invest in a property fund pay £80 a year in unnecessary tax.

However, this could be avoided if investors use a tax-efficient fund.

Richard Saunders, chief executive officer, said: "As we approach the ISA season, it is unfortunate that ordinary ISA investors are missing out on investing in tax-efficient funds, because these funds are not yet available on many retail platforms.

"Platforms and administrators need to put in place the necessary systems to ensure investors no longer pay an unnecessary tax on investing."

He added industry participants should facilitate the development of tax-efficient funds.

To combat this problem, discussions between the IMA and the Treasury have taken place.

So that investors do not indirectly suffer corporation tax, property authorised investment funds (PAIF) have been introduced.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.

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