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IFAP shows £4bn is being wasted in tax

Nine out of 10 adults in the UK – 45 million people – will waste £4bn this year paying unnecessary tax, according to IFA Promotion.

IFAP says its 11th annual TaxAction investigation shows an average of £114 is wasted per person and it is vowing to continue its War on Wasted Tax.

It has calculated that the UK&#39s tax wastage is enough to create a new millionaire every day for the next decade.

It now has a website,, to explain the steps that people can take to stop overpaying tax.

The measures recommended by IFAP include using up annual Isa allowances, which would save £110m, and to fill in a self-assessment tax return form to save £404m.

By giving to charity, it says people could also save £254m by using a deed of covenant, gift aid or payroll tax breaks.

It says people with assets of more than £250,000 should plan their inheritance to avoid tax liabilities and save £1,355m.

It points out there are simple ways to chip away at this level of waste, including seeing an accountant about self-assessment or discussing the broader issues of financial planning with an IFA.

Chief executive David Elms says: “Given the sustained stockmarket falls we have seen, coupled with poor pension fund performance and continuing low savings rates, most people cannot afford to squander the tax breaks available to them. For some we are talking tens or hundreds of pounds but for many the sums are far larger. In all cases, a few simple steps could wipe out this needless waste.”


Portman and Sun Bank merge teams

Portman Building Society and its specialist lending subsidiary Sun Bank are combining their intermediary sales teams, although Sun Bank will remain a separate operation with its own staff, branding and product range. The new 12-strong team will be headed up by associate director, group intermediary sales Paul Howard. He says this means IFAs will only […]

Nearly half of investors are looking to drip feed their Isas

Forty three per cent of Isa investors are looking to drip feed their investments this year, according to research conducted by Mori for Fidelity. It also found that 34 per cent want their money to go straight into equities as a lump sum. Another 16 per cent would like a facility which would see their […]

Research row as FSA claims tree triumph

The FSA says people find stakeholder decision trees easy to use amid claims it is using research findings to paint an optimistic picture.Eighty-four per cent of people who have used stakeholder pension decision trees have found them easy to use, claims the FSA. It says 77 per cent found trees helpful in determining whether they […]

Make the switch to charging fees

IFA Fee Based Advice is organising a two-day course for advisers on the 4th and 5th of April in Manchester on how to switch to charging fees.The course is aimed at developing the skills of practice managers. It will be lead by Ken Moore, a director of Fee Based foundation – a sister company of […]


Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


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