Taxpayers giving £6bn to Revenue unnecessarily
Financial inaction from the nation's adults swells Revenue coffers.
Taxpayers in the UK will unnecessarily hand over nearly £6bn to the Inland Revenue over the next year, according to a new report.
Link: Billions ‘squandered’ on public services
The survey from TaxAction shows that three quarters of adults take no action to reduce the amount of tax they pay, leaving the Revenue £5.7bn better off.
More than a third of this money is due to failure to plan ahead a reduce the inheritance tax burden, with over 35,000 people expected to receive an inheritance tax bill this year.
Other areas in which money is being wasted include the failure to claim back tax on bank and building society interest, and the failure for higher-rate taxpayers in company pension schemes to top up their pension pots.