UK Could Rescue £318 Million Tax In Just Two Minutes

R85 form can save non-taxpayers £53 each, says IFA Promotion

Just over 6 million* non-taxpayers in the UK could save an average of £53 each – a staggering total of £318 million – by spending just 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 can be downloaded from the ‘nine ways to save tax’ section on www.taketaxaction.co.uk and is readily available from banks, building societies and local IFAs) informs the Inland Revenue of an individual’s ‘non-taxpayer’ status, enabling interest to be paid tax free into their savings accounts.

David Elms, Chief Executive of IFA Promotion, commented, “It’s astonishing that such huge amounts of money are being wasted through something so simple.  No one likes throwing money away, least of all into the hands of the taxman, but by failing to fill in the R85 form, millions of people are doing just that.” 

“If you’re a non-taxpayer and haven’t done so already, then simply visit www.taketaxaction.co.uk, pop into your bank or building society or visit your local IFA and fill in an R85 form – it’s as simple as that.”

For more tips on reducing tax wastage and a copy of the R85 form, 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                                          020 7294 3677 / 020 7294 3681

020 7833 3131

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* TaxAction 2005 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 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 30 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