£12.6 Billion in Unclaimed Tax Relief and Refunds 1


At a time when HMRC are writing to employees who have underpaid tax because they were on the wrong tax code for 2011/12, it might be worth giving some thought to unclaimed tax reliefs

Here’s the top ten list of our biggest tax wastes:

Area of Tax Wastage Amount of Wastage
Income-related Tax Credits £7.26 billion
Tax relief on pension contributions £2.45 billion
Tax relief on charity donations £997 million
Savings on Inheritance Tax £448 million
Making use of ISAs £403 million
Child Benefit £401 million
Avoiding penalties for late filing of tax return £307 million
Savings on Capital Gains Tax £133 million
Making use of Employee Share Schemes £118 million
Income tax and Personal Allowances  £83 million
Total £12.6 billion

Source: unbiased.co.uk

http://www.lovemoney.com/news/household-bills/tax/11323/six-easy-ways-to-pay-less-tax

£12.6 billion is an incredible amount of money and I am sure many people aren’t even aware that they could be claiming tax relief or refunds, so why not check what you could claim and makesure your tax is right.

steve@bicknells.net

 

 

 

 

One comment

  1. Pingback: Have you filed your 2012 Self Assessment Tax Return? « Steve J Bicknell

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