Record £10 billion extra tax to be paid by Britons in 2009
Thanks to unpreparedness and poor planning by some British families, research has shown that we are set to pay a record £10 billion more tax than we need to this year. The research group said this figure would be £700 million more than in 2008.
David Elms, chief executive of Unbiased.co.uk, said:
"With individuals and families forced to tighten their belts this year, it is alarming how little people are doing to take advantage of the tax incentives, reliefs and credits available to them, and to avoid being hit by fines for basic mistakes."
The record breaking £10 billion additional tax in 2009 to be garnered is mostly due to individuals and families not taking full advantage of several tax credits. According to the report, self assessment tax returns of over £503 million additional tax will be paid this year; on Capital Gains Tax, a whooping £309 million additional tax is being paid to the treasury, while on inheritance tax, inadequate planning will result in £2.24 billion in taxes.
Lastly, another £144 million of tax being is handed over to the government.