An increase in pension contributions over the last year has seen the UK’s tax waste drop by £300 million, however, as the following infographic shows, pension apathy is still the biggest area of tax waste – people aren’t using pensions as much as they should be. What’s more, Capital Gains Tax, Inheritance Tax and ISA waste have all increased over the past year.

Estate Planning should be something we all consider, alongside ensuring adequate Pension provisions and writing a Will, and here at The Financial Planning Group, we believe that Inheritance Tax should be considered as a voluntary tax rather than an unavoidable one – by taking advice and undertaking simple but timely planning, we can all reduce ‘tax waste’.

 

tax_wasteland_infographic

 

If would like to discuss your financial situation, then please call Alan or Tim at The Financial Planning Group on 0800 731 7614 and we can arrange a meeting at our offices in the heart of Teddington.