Tax year end looms large for savers

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looking in diary

looking in diaryDo you know when the 2011/12 tax year ends?

If you don't perhaps there's no reason to feel too out-of-the-loop, as new research shows that a surprising amount of us Brits don't know when the final day of the tax year actually is.

According to Standard Life's Financial Efficiency research, just 31% of those polled were correctly able to identify the final day of the fiscal year as April 5.

More than a whopping two-thirds of respondents suggested that the tax deadline fell on a different date, or they were unable to offer any alternative.

It's essential that you know when the tax year ends so that you can make the most of your pension investments and your tax-free ISA allowances.

Almost a tenth of those queried by the firm thought the tax year came to a close on April Fools' day, while 15% felt the deadline fell after April 5.

And it isn't just ordinary folks who have trouble naming the date, as only 36% of current ISA investors themselves correctly named April 5 as the deadline.

Standard Life's Julie Russell said: "If you are saving into tax efficient savings or investments like ISAs or pensions, then you really do need to know when the tax year ends."

Are you ready to enter the world of tax-free savings but are unsure what the best ISA is for you - get involved in this discussion.

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