FOUR MILLION PEOPLE IN EAST ANGLIA PAY £261 MILLION IN UNNECESSARY TAX
26 March 2003
FOUR MILLION PEOPLE IN EAST ANGLIA PAY £261 MILLION IN UNNECESSARY TAX
FOUR MILLION PEOPLE IN EAST ANGLIA PAY £261 MILLION IN UNNECESSARY TAX
- THAT’S AN AVERAGE £65 PER PERSON -
-Visit www.taketaxaction.co.uk for IFA Promotion’s top ten tax-saving tips-
Four million people in East Anglia will pay £261 million in unnecessary tax to the Government this year through financial inertia or lack of understanding of the country’s taxation regime.
These are the findings of IFA Promotion’s eleventh annual TaxAction investigation*, conducted by independent research agency, RAKM, on behalf of UK independent financial advisers.
Over nine out of ten people in East Anglia over the age of 16 will waste an average £65 this year in unnecessary tax payments. Incredibly across the UK this swells the taxman’s coffers to the tune of £4 billion.
And just a few simple steps could stamp out much of this tax wastage for good, says IFA Promotion, which has launched a website to help people stop overpaying tax: www.taketaxaction.co.uk.
David Elms, Chief Executive of IFA Promotion, commented, “Nine out of ten people in East Anglia are squandering too much of their hard-earned cash through lack of understanding of the UK’s taxation system. The Chancellor gets his hands on enough of our money as it is, and right now people need to be saving for the future. We’re urging people to take tax action now – sitting down with an IFA is a great place to start.”
Elms continued “Streamlining your finances and making the most of your cash is simple. If you’re a non-taxpayer but have savings for instance, just ask for a form at your bank or building society. For help with filling in a self -assessment form, see an accountant, and for ensuring your overall financial plan is as tax-efficient as it can be visit an IFA.
Here’s how East Anglia stacks up against the other regions:
Table 1: Tax waste per region
Base: adults
|
|
Tax wasters in region |
% of population that waste tax |
Waste per taxpayer |
|
|
M |
% |
£ |
|
Totals |
|
|
|
|
|
|
|
|
| Greater London |
5.7 |
89 |
£102 |
| South East |
6.8 |
88 |
£131 |
|
East Anglia |
4.0 |
93.6 |
£65 |
|
South West |
3.9 |
85.0 |
£96 |
|
Wales |
2.2 |
87.2 |
£87 |
|
East Midlands |
3.2 |
90.2 |
£122 |
|
West Midlands |
4.0 |
89.5 |
£115 |
|
North West |
4.6 |
90.9 |
£105 |
|
Yorks/Humberside |
3.8 |
87.0 |
£102 |
|
North |
2.3 |
91.5 |
£105 |
|
Scotland |
4.0 |
91.9 |
£97 |
|
Northern Ireland |
1.3 |
91.9 |
£121 |
|
National |
45.8 |
90.2 |
£114 |
Note: sums are quoted with precision but there is some rounding of underlying amounts and percentages which renders them approximate; they may not always add to totals due to the effect of this rounding.
Source: RAKM/Mintel for IFA Promotion
As a first step to stamping out this tax waste, people can visit IFA Promotion’s dedicated website at www.taketaxaction.co.uk. The site contains tips on how to save tax, a guide to download as well as a calculator to give an idea of how much people could be saving. Details of local IFAs are available on the site or by
calling 0800 085 3250.
-ends-
For further information, please contact:
David Elms / Karen Barrett or Richard Winder / Liz WillderIFA Promotion Lansons Communications
Tel: 0207 833 3131 Tel: 0207 2943641 / 3677
Notes to Editors
For expert comment or case studies from over 190 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk
1. Independent Financial Adviser Promotion
IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents over 10,000 firms of independent financial advisers across the UK and is sponsored by 28 leading financial institutions. In 2002, over 300,000 consumers and businesses used IFA Promotion to find local independent financial advice.
IFA Promotion’s believes Independent financial advice should be:
· Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
· Convenient. IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.
· Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
2. Independent Financial Adviser Promotion’s sponsors
|
AMP NPI |
Norwich Union Life |
|
AXA |
Old Mutual Asset Managers |
|
Barclays Global Investors Funds |
Prudential |
|
Bright Grey |
Scottish Equitable Plc |
|
BUPA |
Scottish Life |
|
Canada Life |
Scottish Mutual Assurance Plc |
|
Children’s Mutual |
Scottish Provident |
|
Clerical Medical Investment Group |
Scottish Widows Plc |
|
Eagle Star |
Selestia |
|
Friends Provident |
Standard Life Assurance Company |
|
GE Life |
Swiss Life (UK) Plc |
|
INVESCO Fund Managers Ltd |
Skandia UK Group |
|
Legal & General |
Winterthur Life UK Ltd |
|
National Savings & Investments |
Zurich Life Assurance Company |
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