A recent report by the TaxPayers' Alliance (TPA) stated that the average British family pays more than £250,000 in tax (net of tax credits) during a 40-year working life. The report followed the recent disclosure by the Prudential that retired households – which have an average income of £21,800 – pay, on average, £2,600 per year in direct taxes and £3,900 in indirect taxes.
The Prudential report stresses the need for those approaching retirement to factor the implications of tax into their retirement plans.
Among the more concerning findings in the TPA report is the revelation that the best-off 20 per cent of taxpayer households each pay nearly £1.5 million in Income Tax during a 40-year working life.
New Reports Highlight UK Tax Burden
- Simon Rounding
- Partner
Tax is a significant cost for everyone with an above-average level of income, and also a big consideration when planning how to pass on your estate. With forethought and high quality professional advice, the impact of taxation on you and your family can be minimised.
Contact us for advice on minimising your tax liabilities and protecting your family's wealth.
Contact us for advice on minimising your tax liabilities and protecting your family's wealth.
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