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New Reports Highlight UK Tax Burden

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.

The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.