UK Taxperys Overpay Taxes by 4.9 Billion

January 20, 2015 Taxation in UK

LONDON – UK taxpayers could save GBP 165 per year on their tax bill, if they paid more attention to tax planning and tax concessions.

Taxpayers in the UK will overpay their taxes by as much as GBP 4.9 billion over the course of 2015, according to information contained in a new report released by the non-government organization

The experts of concluded that approximately 74 percent of taxpayers in the UK did not take any steps to ensure that they were taking advantage of all the tax concessions and savings available to them, and each taxpayer was set to lose an average of GBP 165 by not making use of the credits.

The total amount of overpayments in 2015 is estimated to be GBP 200 million higher than the level seen in 2014, when 77 percent of taxpayers made no efforts to reduce tax wastage, but the amount lose by each taxpayers was only GBP 161.

It was noted that currently individual savings accounts (ISAs), tax relief on pension contributions, capital gains tax (CGT), and inheritance tax (IHT) are the are areas where significant tax concessions are available, but which are not often utilized by people.

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