So there is only one day left for the 2011/12 tax year and this means that many people will be making sure that they have used up their personal allowances in terms of savings and investments. The government sets maximum limits on how much you can put into tax free (ish) saving plans each year and the year runs from 6 April until 5th April.
The most obvious investment is the ISA which can be either a cash based savings plan or an equity based plan, or indeed a combination of both. The maximum you can put in to an ISA in the tax year 2011/12 is £10,680 – however, only £5,340 of that can be put into a cash ISA. You can put the whole amount into an equity ISA if you wish to.
Once 5th April has passed though that allowance cannot be carried forward to 2012/13 and so you will lose any unused portion of that allowance.
You should also be aware that you are only allowed to contribute to one ISA in each tax year so if you have already made contributions to an ISA you must continue to pay into that one for this tax year.