Failure to claim back overpayments of tax has resulted in UK residents losing out on £322m in 2007, research suggests.
The study, by Unbiased.co.uk, also says the average income tax liability has doubled since 1990 and now stands at £4,200. In addition, it suggests the total number of taxpayers has increased by 14% since 1989/90 but, in that same period, tax liability has rocketed by over 171%. Finally, Unbiased.co.uk points out a total of £224m is lost in tax by those who don’t transfer deposits to their lower taxed partners. David Elms, chief executive of IFA Promotion, says all tax-payers must act now and claim back this “unnecessary” over payment of tax. “It is easy and straightforward to reclai...
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