Personal finance: Loose Change

SAVERS COULD salvage pounds 55 million a year by using the tax-free benefits of friendly society savings schemes, according to research commissioned by IFA Promotion, the body promoting independent financial advice. Friendly societies qualify for tax relief, and are particularly well suited for anyone setting up a long-term savings scheme for young children. Savers can squirrel away up to pounds 25 per month, receiving a tax free lump sum when the plan matures. IFA Promotion calculates that if only a small proportion of the 16 million people currently saving through non-mortgage related endowment policies was to invest through friendly society 10-year saving schemes, pounds 55 million in tax relief could be reclaimed and added to the fund.

For free details of three local independent financial advisers call the IFA hotline on 0117 971 1177. Or visit the website at www.unbiased.co.uk.