Site points out tax waste

21/01/2009

Many people are missing out financially due to paying too much tax, Unbiased.co.uk has said.

According to researchers at the site, around £9.3 billion is lost each year on "wasted" tax across the UK.

Inheritance tax (IHT) was revealed to account for almost £2 billion of this total - a 24 per cent increase over the last time this study was taken a year ago.

Unbiased.co.uk research also revealed that 82 per cent of Britons have "not taken any steps" to cut their tax burden - meaning that the tax wastage total is likely to stay high over years to come.

David Elms, chief executive of Unbiased.co.uk, added: "Our research shows that people are throwing away a whopping amount of money on unnecessary inheritance tax payments.

"Without advanced tax planning, increasing amounts of IHT will fall into the hands of the tax man. It is crucial that people see an independent financial adviser to discuss their tax liabilities."

Tags; Budgeting Advice, Credit Card Lifestyle, Recent Graduate Debt, Young Family Finances, Retirement Money Problems,

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