For many years providers and advisers at this time of year tried to make sure consumers had used their annual Isa allowance by the end of the tax year.

But Ian Highton, financial life planner at Leicester-based Essential Financial Advisers, says now as soon as the new tax year arrives advisers are making the most of the allowance early on rather than last minute.

With the government’s recent decision to allow Isas to invest in a wider range of things than ever before, it is vital for advisers to understand what will drive returns of the vehicle they recommend and not just the tax advantages of this type of savings vehicle.

What role should Isas play in the investment portfolio or basic and higher rate taxpayers in 2014?

This guide will explore the tax ramifications of opting for an Isa, the different types of savings vehicle available and what research advisers can do to make sure they get the most suitable product for their client now and in the long-term.

Contributing material wa provided by Peter Shipp, director of investment schemes for the Tax Incentivised Savings Association (Tisa); Richard Hulbert, insight analyst for funds at Defaqto; Ian Highton, financial life planner at Leicester-based Essential Financial Advisers; Mark Williams, business line manager for inheritance tax planning at Octopus; Perry Braithwaite, Investment Management Association (IMA) adviser on product regulation; Brian Morris, head of savings policy at the Building Societies Association (BSA).