Are we to overpay over £12bn in tax in 2012?
British Taxpayers To Pay £421 In Tax
British taxpayers are expected to overpay in tax this year, at an average of around £421 all in all. It’s also expected that 85% of us will be unable to reduce our tax bills, too. Brand-new figures have brought about these expectations.
2012 Will Be The Second Biggest Tax Wastage Year
The statistics, which were published in the annual Tax Action Report from Unbiased.co.uk, suggest that British taxpayers will overpay and ‘gift’ an unnecessary amount of tax that will account for £12.6bn to HM Revenue and Customs this year. The statistics also show that over the last ten years, the UK has created £88.6bn in a ‘tax waste mountain’. This year could see the second biggest tax wastage figure in that last decade, falling short by just £1.3bn opposed to last year.
It’s expected that £7.26bn will be wasted for unclaimed income tax credits, and a further £2.45bn in failure to make use of tax relief for pension contributions.
This year will see the second highest tax wastage mountain in ten years, seconding the 2010-11 results.