Petrol duty, TV licence fee and inheritance tax are Britain's most resented taxes

Confidentially search for details of an independent financial tax advisor close to where you live or work from around 9,000 IFA locations UK-wide.

- Visit www.taketaxaction.co.uk to help tackle your tax waste -

As speculation surrounds the content of Gordon Brown’s tenth Budget box (Wednesday 22^nd March), annual research* from IFA Promotion, the organisation promoting the benefits of independent financial advice, reveals that, for the third year running, petrol duty is Britain’s most resented tax, with the TV licence fee in second place. Moving up the list this year is inheritance tax – which has overtaken stamp duty on home purchase to claim third place.

IFA Promotion’s figures indicate that tax remains an incredibly sensitive political issue. Indeed, 70% of British adults claim that the tax proposals of a political party would affect their vote, and one in ten (10%) say it is their main reason for voting for one party or another.

The survey also shows that, although 31 million British adults resent their rising tax bills, over three quarters (78%) admit to taking no action whatsoever to limit the amount of tax they pay. 

David Elms, Chief Executive of IFA Promotion, commented: “The Chancellor may well take action on one or more of these duties on Budget day, but tax-payers really need to take some action for themselves to stamp out unnecessary tax waste. Four out of five people shell out an average £155 each year in unnecessary tax**, more than the cost of a TV licence fee, and as a nation we waste a massive £7.6 billion a year in tax.”

 “From the poll tax revolts of old to today’s furore over fuel duty, taxation has always been a politically sensitive issue, but eight out of ten people are effectively taxing themselves by not planning their finances better.”

As a first step to stamping out this waste, visit IFA Promotion’s dedicated website www.taketaxaction.co.uk to find tips on how to save tax, an online tax wastage calculator, and a guide to saving tax.  People can obtain details of local IFAs on the site or by calling 0800 085 3250.

-ends-

*Source: Consumer survey conducted for IFA Promotion by YouGov, amongst 2,367 people in February 2006. 

** Source: IFA Promotion’s TaxAction 2006 report prepared by independent research analysts, RAKM, February 2005.

For further information please contact:

David Elms                                               Holly Godden/Chloe Mann

Chief Executive                                        Lansons Communications

IFA Promotion                                          020 7294 3674 / 020 7294 3681

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

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