The Unbiased 2012 Tax Action Report also suggests each British taxpayer will not claim an average of £421 in tax relief in 2012. The biggest area of waste this year will be unclaimed tax credits, at an estimated £7.3bn.
Other big areas of waste are tax relief on pension contributions at £2.4bn, tax relief on charity donations at £2.4bn and making use of ISAs at £403m.
Some 85% of the British population haven’t done anything in the past 12 months to reduce the amount of tax they pay.
Of the 15% of those who have take steps to reduce the tax they pay, two in five (40%) have changed the way they save or invest money and one in five (22%) has made a specific tax efficient purchase or investment.
Karen Barrett, chief executive of unbiased.co.uk, said: “This year marks our second highest tax wastage figure on record, only falling slightly from a record high last year.
“Tax can be a complex area to understand and our report clearly shows that as a nation we are struggling to be as tax efficient as we could be.
“Our stats show that a quarter of people who have taken steps to reduce their tax liability have done so by enlisting the advice of a professional adviser, such as an accountant or IFA.”
