Britons to miss out on 4.2 billion in tax credits
- UK taxpayers will fail to claim ‘free money’ in huge numbers
- As much as 2.4 billion of pension credits will remain unclaimed this year
- Unbiased.co.uk urges taxpayers to take action and claim all available tax credits ahead of the July 31st deadline
Failure to claim all available tax credits will cost UK taxpayers over 4.2 billion in 2009/2010, according to research by Unbiased.co.uk, the professional advice website. Both pension and child tax credits are seeing millions fail to claim their allowances, resulting in huge overpayments.
Unbiased.co.ukresearch estimates that 8% of entitled families will fail to claim their Child Tax Credit, resulting in 1,850 million of tax benefits remaining unclaimed. Unbiased.co.ukTax Action report also showsthat over a quarter of pensioners will fail to claim their pension credits, resulting in a waste of just over 2.4 billion. The total of 4.2 billion wasted in unclaimed tax credits represents a 17% increase from the previous year’s total of 3.6 billion.
With the July 31st 2009 deadline for claiming back tax credits approaching, Unbiased.co.ukcalls for taxpayers to claim this “free money” and not miss out any longer. With belts tightening in the current climate it has never been more pressing for UK taxpayers to ensure they are not giving more to the taxman than they should be.
David Elms, Chief Executive of Unbiased.co.uk commented: “People are missing out on record quantities of money by failing to claim tax credits to which they are entitled. The system has been set up to help those on lower incomes and quite simply if you don’t claim your credit, it expires. We are urging people to get their financial planning in order and review their current situation today. A discussion with a local IFA is a great way to start this process. An IFA will ensure that all advice provided is appropriate for their client’s personal and family financial situation.”
ENDS
* TaxAction 2009 report produced for IFA Promotion by RAKM, based on a specially commissioned analysis of HMRC and a range of other official data sources.
For further information on Unbiased.co.uk, the professional advice website pleases contact:
David Elms | Anna Schirmer/Jennifer Comerford/ Anna Moulds |
Unbiased.co.uk | Lansons Communications |
020 7833 3131 | 020 7294 3682 |
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Notes to Editors
Unbiased.co.uk, the professional advice website
Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. In 2008, Unbiased.co.uk fulfilled over half a million searches for local, professional advice.
The portal currently houses three professional advice searches: ‘find an IFA’, ‘find a mortgage adviser’, and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.
IFA Promotion, the organisation behind Unbiased.co.uk, is now in its 20th year, and was set up to promote the benefits of independent financial advice to the consumer.
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