Deadline time for ISA investors

Investors need to be quick to still sign up for this tax year's ISA

Investors have until the close of business on 5 April to use this tax year's Individual Savings Accounts (ISA) allowance or lose it forever.

Treasury rules allow people to invest up to £7,000 a year in an ISA, which enjoys tax-free growth.

People can choose either to invest their full ISA allowance in shares or split it up between cash and shares.

In March's Budget it was announced that the amount that could be paid into an ISA would rise to £7,200 from 2008.

ISA RULES Max £7,000 per year Cannot have both maxi and mini in the same year ISAs can be swapped or moved

The end of the tax year takes place on 5 April, and it is often referred to as ISA deadline day.

In previous years, banks and other financial institutions have seen a rush of applications from people looking to open accounts on ISA deadline day.