Consumers are paying too much tax on their savings , a new survey has discovered.
Conducted by Britannia Building Society , it was found that some Brits are unwittingly paying too much tax on their savings by not taking advantage of the tax break offered by individual savings accounts .
It was found that 48 per cent of adults have never opened an individual savings account, while 30 per cent of respondents did not even know what an individual savings account is.
Group chief executive of Britannia Neville Richardson comments that many consumers are being overtaxed by not opening up an individual savings account.
"It's a shame that many of those who are saving are unnecessarily being taxed twice - firstly on their income and then again on their savings," he states.
He adds that from the findings, just under half of Brits are "financially worse off" than they could be.
Yesterday, Abbey announced that many consumers are considering switching their savings into different accounts to take advantage of the current financial climate.
Consumers pay too much tax on savings, finds study
Consumers pay too much tax on savings, finds study
Wed, 26 Sep 2007
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