Tax waste in numbers

UK taxpayers to overpay £4.9 billion in tax

23 Jan 2015

TaxAction 2015

This week sees the launch of our longest-running campaign, TaxAction, in partnership with Prudential.  Now in its eleventh year, the campaign aims to raise consumer awareness about saving money through tax allowances.  Adding up the potential waste across unused ISAs, pensions, CGT and IHT, we found that the total was even higher than last year's £4.7 million.

But the same research suggests that more people are now seeking advice.  Last year 27 per cent of consumers said they wouldn't consult an adviser to help with inheritance tax planning - this number has dropped to 22 per cent, perhaps as people realise how complex it can be.

As part of the launch, we've created this handy tax guide that you can share with your clients - to encourage them to take some #TaxAction. 

The name's bonds… pensioner bonds

Last Thursday saw the launch of the eagerly-awaited pensioner bonds - though it's anyone's guess how long they'll be available.  Within the first two days over £1 billion was sold to 110,000 savers aged 65 and over, meaning the bonds could in theory sell out within a month.  You may want to point your clients towards our quick introduction to the bonds, which explains in simple terms how they work and why so many people want them.  You can find it here.  

Let's talk tax 

As it's TaxAction launch week, our hot LinkedIn discussion is dedicated to all things tax.  With more consumers realising they need experts to handle the complexities, could this tax planning season be a golden opportunity to promote the value of advice?  How do you think advisers can appeal more directly to consumers struggling with tax matters?  Let us know and share your thoughts. 

The Advice Barometer

Welcome to your regular advice weather report. Here are the hottest topics reported this week:

  • Pensioner bonds - how long will they be available? What's the best alternative?
  • Can I boost my state pension by delaying when I draw upon it?
  • I've heard about a new fixed-rate 10 year mortgage for buy-to-let. What are the pros and cons?

Thanks to those who sent in their observations.  Help us to generate more leads for you by giving us the view from your window, and read our findings each week.  Tell us what your clients are most interested in right now: email [email protected] 

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