How cash savers could be making moves to protect themselves from tax

In total last tax year, we paid £1.1trn in tax

clock • 3 min read

People are taking action, saving tax and sheltering their money from the taxman. Laura Suter shares her insight…

The UK taxpayer is paying more tax, there's no escaping that fact. As a percentage of GDP, we're now paying the highest proportion of tax since the 1980s. In total last tax year, we paid £1.1trn in tax, which equates to about 40% of GDP. To frame that, in the 1991/00 tax year receipts clocked in at just under 36% of GDP and just before the pandemic they stood at 36.9%. So, anything that means people are saving on tax is something that should be celebrated. And I have just that – a rare, good news story, where consumer action has reduced tax bills (legitimately, I should add). ...

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