Nearly four million people in East Anglia pay £468 millon in unnecessary tax - that’s an average of £123 per person
23 March 2004
Nearly four million people in East Anglia pay £468 millon in unnecessary tax - that’s an average of £123 per person
Nine out of ten taxpayers in East Anglia – nearly 4 million people - will pay £468 million in unnecessary tax this year, according to research from IFA Promotion, as the onus increasingly falls to us to claim the tax breaks, credits and reliefs open to us.
The organisation promoting the benefits of independent financial advice also surveyed people in East Anglia and found that eight out of ten have seen their tax burden rise in the last year, and whilst the majority (86%) resent it, nearly three quarters (73%) admit to taking no action whatsoever to limit the amount of tax they pay.
The three taxes people in East Anglia say they resent paying most are petrol duty, inheritance tax, and the TV licence fee of £116. Yet at the same time, the average individual tax waste in the region is £123 each – double last year’s waste, and for many higher rate taxpayers, the waste is likely to be much higher.
Just a few simple steps could stamp out much of the wastage for good, says IFA Promotion, which has launched a website to help people stop paying too much tax: www.taketaxaction.co.uk .
David Elms, Chief Executive of IFA Promotion, said, “Nine out of ten people in the East Anglia area are squandering too much of their hard-earned cash through a lack of understanding of how to make the most of the tax breaks, credits and reliefs open to them. The vast majority of people resent their rising tax bills, yet most admit to taking no action to reduce the amount they waste. Sitting down with an independent financial adviser is a great place to start.”
Here’s how East Anglia stacks up against the other regions:
TaxAction 2004: The Waste by Region
|
Region |
Total waste (£m) |
Waste per head (£) |
Tax wasters (millions) |
% of people wasting tax |
|
East Anglia |
468 |
123 |
3.8 |
90 |
|
Greater London |
715 |
123 |
5.8 |
91 |
|
Rest of South East |
731 |
120 |
6.1 |
92 |
|
South West |
478 |
133 |
3.6 |
90 |
|
Wales |
287 |
130 |
2.2 |
87 |
|
East Midlands |
392 |
126 |
3.1 |
92 |
|
West Midlands |
493 |
126 |
3.9 |
91 |
|
North West |
643 |
131 |
4.9 |
88 |
|
Yorkshire/The Humber |
497 |
131 |
3.8 |
89 |
|
North |
276 |
131 |
2.1 |
88 |
|
Scotland |
497 |
127 |
3.9 |
90 |
|
Northern Ireland |
231 |
120 |
1.9 |
91 |
|
Whole of UK |
5,705 |
132 |
43.1 |
91 |
Note: sums are quoted with precision but there is some rounding of underlying amounts and percentages, which render them approximate; they may not always add to totals due to the effect of this rounding
Source: RAKM for IFA Promotion
Elms concluded, “No one likes paying tax, so why pay more than you need to? We’re sure people would rather be saving this extra each year, or putting it to use elsewhere than simply watching it disappear. We’re urging people to take tax action now – and sitting down with an IFA is a great place to start.”
As a first step to stamping out this waste, people can visit IFA Promotion’s dedicated website at www.taketaxaction.co.uk . The site contains tips on how to save tax, an online tax wastage calculator, and a guide to saving tax, packed full of useful information. People can also find details of local IFAs who can help you plan your finances tax efficiently on the site or by calling 0800 085 3250.
-ends-
For further information please contact:
David Elms Liz Willder / Richard Winder
Chief Executive Lansons Communications
IFA Promotion Tel: 020 7490 8828 / lizw@lansons.com
Tel: 020 7833 3131
For expert comment or case studies from over 200 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 26 leading financial institutions. In 2003, over 330,000 consumers and businesses used IFA Promotion to find local independent financial advice.
IFA Promotion 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.
|
AXA |
National Savings & Investments |
|
Bright Grey |
Norwich Union Life |
|
BUPA |
Old Mutual Asset Managers |
|
Canada Life |
Prudential |
|
Children’s Mutual |
Scottish Equitable Plc |
|
Clerical Medical Investment Group |
Scottish Life |
|
Eagle Star |
Scottish Mutual Assurance Plc |
|
Friends Provident |
Scottish Provident |
|
GE Life |
Scottish Widows Plc |
|
GMAC Residential Funding |
Selestia |
|
INVESCO Fund Managers Ltd |
Standard Life Assurance Company |
|
Legal & General |
Skandia UK Group |
|
Mortgage Express |
Zurich Life Assurance Company |
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