UK could rescue £315 million tax in just two minutes

R85 form can save non-taxpayers £175 each, says IFA Promotion

1.8 million* non-taxpayers in the UK could save an average of £175 each – a staggering total of £315 million – just by spending two minutes of their time filling in a simple form, reveals latest research from IFA Promotion, the organisation promoting the benefits of independent financial advice.

The R85 form, which is readily available from banks, building societies or a local IFA, informs the Inland Revenue of an individual’s ‘non-taxpayer’ status, enabling interest to be paid free of tax into their savings accounts.

David Elms, Chief Executive of IFA Promotion, commented, “It’s astounding that so much money is wasted through something so simple. Most of us wouldn’t happily drop £175 into the hands of the taxman, but by not filling in the R85 form, millions of people are doing exactly that.”

“If you’re a non-taxpayer and haven’t done so already, pop into your bank or building society, or visit your local IFA and fill in the form – it’s that simple.”

For more tips on reducing tax wastage, people can visit IFA Promotion’s dedicated website at www.taketaxaction.co.uk. The site also has an online tax waste calculator and a guide to saving tax. People can also find details of local IFAs on the site or by calling 0800 085 3250.

-ends-

For further information please contact:

David Elms Liz Willder/Chloe Merriman

Chief Executive Lansons Communications

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

Tel: 020 7833 3131

* TaxAction 2004 was produced for IFA Promotion by RAKM, and is partly based on a specially commissioned analysis of Inland Revenue data, combined with other sources such as the Family Resource Survey.

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, email mediaservices@ifap.org.uk 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.

2. Independent Financial Adviser Promotion’s sponsors

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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UK could rescue £315 million tax in just two minutes

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