Petrol Duty, Tv Licence Fee And Stamp Duty Top List Of 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.

As experts speculate about the contents of Brown’s Budget box (on Wednesday), a survey from IFA Promotion shows that petrol duty is by far the most resented tax in the UK for the second year running, with TV licence fees and stamp duty on home purchases coming second and third.

The survey, from the organisation promoting the benefits of independent financial advice, also reveals that 26.5 million* British adults resent their rising tax bills, yet over three quarters (76%) of these people admit to taking no action whatsoever to limit the amount of tax they pay. 

David Elms, Chief Executive of IFA Promotion, commented, “We may well see action on one or more of these tax-hates on Budget day, but in reality nine out of ten people are shelling out an average £133 each year in unnecessary tax**, more than the cost of a TV licence fee.  As a nation we waste £5.7 billion a year in tax, but this huge amount could be slashed by taking just a few simple steps.”

IFA Promotion’s figures also reveal that the over 50s age group has become significantly less averse to tax increases over the past year – moving from being the most resentful age group in 2004 (69%) to the least resentful (59%) this year.   They are however, the only age group to have taken increased action in order to reduce their individual tax payments since last year.

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“We should try to follow in the footsteps of the over 50s and take more responsibility for our individual tax affairs.  The vast amounts of money being wasted year on year could be significantly reduced, simply by people taking the initiative to sit down with an independent financial adviser and planning their finances tax-efficiently,” Elms concludes.

As a first step to stamping out this waste, IFA Promotion has launched a dedicated website at www.taketaxaction.co.uk, with 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-

For further information please contact:

David Elms                           Ali Richardson / Richard Winder

Chief Executive                     Lansons Communications

IFA Promotion                       Tel: 020 7490 8828 / alexandrar@lansons.com

Tel: 020 7833 3131

* Source: Consumer survey conducted for IFA Promotion by YouGov, amongst 1,819 people from 15^th–18^th February 2005.  26.5 million = 60% of the British adult population of (44.2 million)

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

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 10,000 firms of independent financial advisers across the UK and is sponsored by 31 leading financial institutions. In 2004, over 440,000 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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