6.7 million people in the South East region pay £1.1 billion in unnecessary tax

21 April 2006

6.7 million people in the South East region pay £1.1 billion in unnecessary tax

6.7 MILLION PEOPLE IN THE SOUTH EAST PAY £1.1 BILLION IN UNNECESSARY TAX

- THAT’S AN AVERAGE OF £170 PER PERSON

Visit www.taketaxaction.co.uk for IFA Promotion’s top ten tax-saving tips

Eight out of ten (83%) taxpayers in the South East will waste a staggering £1.1 billion in tax in 2006, amounting to £170 per adult, according to top findings from the fourteenth annual TaxAction* investigation, commissioned by IFA Promotion.

IFA Promotion, the organisation promoting the benefits of Independent Financial Advice, surveyed people in the South East region on their attitudes to tax and found eight out of ten (81%) have seen their tax burden rise over the last year; however the majority (73%) is doing nothing about it.

The research also found that the three most resented taxes in the South East are:-

Petrol duty
TV licencse fee of £121
Inheritance tax

But with £170 being thrown back at the tax man through poor planning, much of this resentment could be eliminated, and for many just a few simple measures could help stamp out a great deal of the wastage, says IFAP, which has launched a website to help people to stop squandering tax: www.taketaxaction.co.uk.

David Elms, Chief Executive of IFA Promotion, said, “The overwhelming confusion about how to make the most of tax breaks, credits and reliefs has resulted in the majority of people in the South East squandering too much of their hard-earned cash unnecessarily. No one likes paying tax, yet too few people do anything about it. Sitting down with an independent financial adviser is a great place to start.”

Here’s how South East compares with the other regions:

TaxAction 2006: The Waste by Region

	Tax wasters region m	Population that waste tax %	Waste per taxpayer £
Rest of South East	6.7	82.5	170
South West	4.0	82.9	156
East Anglia	4.5	81.8	168
Greater London	5.9	81.6	173
Wales	2.4	82.9	138
East Midlands	3.6	83.6	151
West Midlands	4.2	81.9	141
North West	5.9	86.5	139
Yorks/Humberside	3.9	83.4	154
North	2.2	86.4	141
Scotland	4.2	83.8	149
Northern Ireland	1.3	81.1	143
UK Average	48.6	82.4	155

Elms concluded, “We're urging people to take some simple measures to minimise the mountain of waste. It doesn’t take a lot of effort to turn these trends around by claiming credits and reliefs that are rightfully yours. Discussing your financial planning situation with a local independent financial adviser should also help cut your waste considerably.”

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 Holly Godden

Chief Executive Lansons Communications

IFA Promotion 020 7294 3674

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 around 9,000 firms of independent financial advisers across the UK and is sponsored by 32 leading financial institutions. In the past 12 months, over 530,000 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.

2. Independent Financial Adviser Promotion’s sponsors

Aberdeen Asset Management	National Savings & Investments
Abbey	NatWest Business Banking
AXA Life	New Star Investment Funds
Bright Grey	Norwich Union Life
BUPA Health Services	Old Mutual Asset Managers (UK)
Canada Life Ltd	Prudential
The Children’s Mutual	Scottish Equitable Plc
Clerical Medical Investment	Scottish Life
Friends Provident	Scottish Life International
GE Life	Scottish Widows Plc
GMAC Residential Funding	Skandia UK Group
INVESCO Fund Managers Ltd	Southern Pacific Mortgage Limited
Legal & General	Standard Life Assurance Company
London Mortgage Company	Unum Provident
Lincoln Financial Group	Webline Limited
Mortgage Express	Zurich Intermediary Group

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6.7 million people in the South East region pay £1.1 billion in unnecessary tax

21 April 2006

6.7 million people in the South East region pay £1.1 billion in unnecessary tax

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