£9.3 bn 'wasted in tax'
Britons are unnecessarily handing over a total of £9.3 billion to the tax man which instead, could be put towards their savings. According to a new report, the record figure is being accumulated through people failing to plan financially and not shopping around for better deals.
Data collected through Unbiased.co.uk's 15th annual TaxAction report shows that last year, UK adults threw away an average of £160 each on wasted tax, a rise of 68 per cent since 2002.
David Elms, chief executive of Unbiased.co.uk, described the figures as "a somewhat surprising result, given the large amount of people who are dissatisfied with the current tax system".
"With more and more people feeling the pinch in the current financial climate it is surprising just how much we are willing to throw away in wasted tax payments," he said.
There are a number of ways to save money and avoid paying unnecessary tax, such as investing in an Isa.
Other money saving tips include making your home more energy efficient and shopping around for better deals on international calls.
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