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Britons 'paying too much' in tax

Britons are needlessly paying £322 million extra each year in tax, a new report from Unbiased.co.uk shows.

The financial website, run by IFA Promotion, said that the overall taxes have increased by 171 per cent since 1990 - despite taxpayer numbers only having increased by 17 per cent.

Unbiased.co.uk also found that £224 million of the tax overpayments were lost through consumers not transferring cash to partners who faced less of a tax burden.

"The transfer of assets between partners subject to different tax rates can result in the reduction of tax liability and can provide an extra slice of savings for many households," said David Elms, chief executive at IFA Promotion.

"With individuals being taxed on pensions, interest from banks, dividends from shares and income from property, there are many different sources of income that can be shared between a couple to avoid paying unnecessary tax."

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