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PBR: Tax changes not enough, says

Leading IFA directory says Chancellor Alistair Darling’s tax cutting measures are not enough to eradicate “tax discontent” amongst Brits.

Despite Darling’s announcements to cut VAT to 15 per cent and increase income tax to 45 per cent for incomes over £150,000, says it isn’t enough to tackle “tax discontent”. chief executive David Elms says: “Darling still hasn’t tackled the areas of tax Britons hate the most and even played a dangerous game by increasing fuel duty to make up for the VAT reduction at the pump.”

According to Unbiased research, 72 per cent of Britons are “dissatisfied” with the UK tax system, 45 per cent hate fuel duty the most, and 42 per cent dislike council tax. A further 35 per cent loathe TV licensing, while 20 per cent are against IHT.

The same study found that the UK is wasting over £9.3bn in tax payments so far this year, whether it is by not making use of their Isa allowance, not claiming tax credits or for instance by not planning their inheritance in a tax efficient way, says Elms.

Elms is now encouraging consumers to consult an IFA and to make full use of tax claw backs. For example, Elms suggests using up an Isa allowance, claim tax credits, organise self-assessment and top up their pension pot.


The missing middle

It appears that our economic future relies on the less well-off spending us out of recession.


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