UK throwing away £7.6 billion on tax

The UK is gifting the chancellor a collective £7.6 billion in tax revenue that they could be squirreling away in duty-free saving products, IFA Promotions has claimed.

Four fifths of adults are throwing away money that could be theirs to keep if they picked the right saving device, said IFA.

The laziness is increasing with the no-doubt rather chuffed chancellor trousering £1.8 billion more of our money on taxed savings than he did last year.

"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," said David Elms, IFA Promotion chief executive.

"And people can take even simpler steps to stamp out tax waste, such as non-taxpayers filling in a simple form, married couples making sure they use up both tax-free personal allowances, or people simply submitting their self-assessment forms on time."

"Over the past few years, the onus for managing tax affairs has shifted increasingly to the individual, but our awareness and action is not keeping pace, and so the mountain of tax waste keeps growing," he added.

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