April Isa sales break £1bn mark

Isa sales topped £1bn last month for the first time since April 2001 as investors looked to take adv...

Isa sales topped £1bn last month for the first time since April 2001 as investors looked to take advantage of the tax break before the financial year end, according to the IMA. Gross sales reached £1.3bn, compared to £1.5bn in April 2001. Net sales, at £1.2bn, were 17% down on last year's £1.4bn, helping to push total industry sales for the month up to £5.3bn, a 5% year on year increase. Direct Isa sales also showed a marked upswing, with some 29% of investors going it alone over the first four months of the year, compared to 24% over the same period in 2001. Some 40% of direct inves...