GBP4bn Wasted In Tax This Year

Once again the end of tax year is fast approaching.  But did you know that this year, nine out of ten people in the UK will waste, on average, £114 each by giving unnecessary tax to the Chancellor?  This can be remedied simply by taking control of your finances, and looking at where you can save tax.  Research commissioned by IFA Promotion - an organisation committed to promoting the benefits of independent financial advice - found out where most tax is wasted.  The findings were that the UK population wastes: £1,355 million through not planning your estate to avoid inheritance tax liabilities £397 million through not using the right personal tax allowances £559 million by not using the tax breaks for pensions £350 million through not making use of share option schemes £110 million through not sheltering savings and investments in ISAs, or friendly society savings schemes £404 million by not filling in self-assessment forms correctly £324 million by not using capital gains tax allowances efficiently £254 million by not using tax-efficient means of giving to charities £80 million by individuals not using Gilts or National Savings & Investments products where appropriate £1,009 million by not using Tax Credits for working families or pensioners. Nine out of ten adults in the UK - more than 45 million people - will waste a jaw-dropping £4 billion this year in unnecessary tax, equating to an average £114 per person.  With these amazing figures we thought that we should publish a summary of a few simple steps could stamp out much of this tax wastage for good. Visit the Tax Tips Special in the registered user client centre.