HMRC warning for thousands of cash ISA savers who may need to transfer cash

HMRC warning for thousands of cash ISA savers who may need to transfer cash

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A HMRC warning has been issued to everyone with a cash ISA. HMRC data shows the average of the top 25 stocks and shares Isa pots is worth around 17 times the average of the biggest cash Isa accounts.

People with cash ISAs may be better off shifting cash to stocks and shares ISAs, personal finance experts reckon. A Freedom of Information Act, or FOI, request made to HMRC by InvestEngine found the average value of the top 25 highest value stocks and shares Isas only is £10,980,000.

The average value of the top 25 highest value cash Isas only is £640,000, according to the figures, for the tax year 2022/23. Andrew Prosser, head of investments at InvestEngine, said the data obtained through the FOI “reveals a clear and growing divide between saving and investing”.