Mar 2 2007
As the tax burden in Britain reportedly continues to rise, consumers have been urged to take a number of steps in order to reduce the amount given to the chancellor each year, including the use of child trust funds (CTFs).
Recently published research from IFA Promotion reveals that Britons will waste £7.9 billion in unnecessary taxes this year, with 74 per cent of those surveyed admitting that they have taken no steps to reduce their tax payments.
The group claims that efficient use of tax-free CTFs for children and grand children could save Britons £125 million every year.
David Elms, chief executive of the company, said: "It's hard to say whether we are just disengaged or just confused as to why people in the UK are still throwing away billions in tax every year."
He added that independent financial advisers can help consumers make savings on their tax expenditure.
Earlier this year, The Children's Mutual noted that CTFs are free from both capital gains and income tax, in addition to not being liable for personal tax when the fund matures.
