Cashing in

Currently there is widespread publicity in the press that urges us to make use of our Isa allowance before the end of the tax year. What the publicity does not mention is that anyone who is not a higher-rate taxpayer will probably lose money by doing so. This is due to the difference in the interest rates available for cash Isas and for normal investments. One can easily earn more interest net of (standard-rate) tax on a non-Isa investment than one can on a cash ISA.

This situation is, of course, the fault of the banks. For some reason they don't want us to invest in Isas. We might be forgiven for believing that there was a conspiracy among the banks over this. But they wouldn't behave like that, would they?

ALAN HAMILTON

Gordon Crescent

Bridge of Allan, Stirling