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Adults waste £7.6 billion in tax
02/03/2006 16:28:00
A new study has revealed that most UK taxpayers are set to waste up to £7.6 billion this year by not taking full advantage of tax credits and allowances.
Research for IFA Promotions revealed that this figure is £1.8 billion more than last year despite people claiming to resent the tax burden.
David Elms, chief executive of IFA Promotion, said: "Whether through apathy or confusion, the failure to claim tax credits is just one way we're gifting unnecessary and vast sums of money to the taxman each year."
He pointed out that the onus of tax management has shifted more to individuals who are not making themselves fully aware of benefits and regulations.
In the survey, 82 per cent of adults are likely to pay too much tax but at the same time 78 per cent admitted to not doing anything to stop it.
With councils such as Mole Valley in Surrey announcing 4.5 per cent increases in council tax, people are encouraged by IFA Promotions to cut waste wherever possible.
Simple measures highlighted to decrease the burden include making sure self-assessment forms are in on time and fully utilising the tax-free allowance for ISAs.
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