GBP322m Unclaimed Tax
Published / Last Updated on 28/04/2008
£322m Unclaimed Tax
According to Unbiased.co.uk, failure to claim back overpayments of tax has resulted in the UK tax-paying population losing out on £322m in the last year. David Elms, chief executive of IFA promotions, said “It is easy and straightforward to reclaim any overpaid taxes that have been deducted inaccurately, by filling out an R85 form”.
Partners on different tax allowances can spread income from sources other than employment between them to avoid paying too much tax. If this was followed, the research shows that between the 1.6m non-tax paying partners in higher income households £224m would be saved.
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