#TaxAction 2012 has kicked off today! This is our annual report which identifies how much money we are wasting as a nation by not being tax efficient.
This year a staggering £12.6 billion is set to be gifted to the taxman through inefficient tax planning, the second highest tax wastage in the history of our report. The campaign focuses on educating consumers on how to be more tax efficient and access appropriate advice.
Here is a great infographic with all the headline statistics from the report which you can see here.
£7.26bn in unclaimed income related tax credits
£2.45bn not making use of tax relief on pension contributions
£997m wasted on charitable donations
£448m wasted on Inheritance Tax
£403m not making use of ISA’s
£401m of unclaimed Child Benefit
£307m for late filing of tax returns
£133m wasted in Capital gains Tax
£118m on failure to use employee share schemes
£83m wasted on income and personal allowances