Professional Advice Website Research Reveals Britons to Miss Out on £8.5 Billion in Tax Credits and Other Benefits

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Failure to claim all available tax credits will mean UK taxpayers, low income families and pensioners will miss out on over £8.5 billion in 2011/2012, according to research by unbiased.co.uk, the professional advice website.

Failure to claim all available tax credits will mean UK taxpayers, low income families and pensioners will miss out on over £8.5 billion in 2011/2012, according to research by unbiased.co.uk, the professional advice website. Despite last year’s changes to the way child benefits are paid to families with young children, millions of people still fail to claim their child benefit, child and working tax credits and pension credit, resulting in unnecessary tax overpayments and valuable benefits not claimed.

There are some startling statistics related to those who do not claim. There are 475,000 families who are entitled to child benefits this year but will fail to claim. With the average yearly amount not claimed per family totalling £829.47, this amounts to a massive £394 million unclaimed.

As well as this, a further £5.8 billion will be left untouched by those who are entitled to child and working tax credit - £2.2.billion is wasted through unclaimed child tax credit and a further £3.6 billion is thrown away through working tax credit that remains unclaimed.

This research also shows that over a quarter of pensioners will fail to claim their pension credit, resulting in a tax wastage of just over £2.3 billion. This results in an astonishing £8.5 billion of tax credits and benefits not claimed this year.

Karen Barrett, Chief Executive of unbiased.co.uk commented, “we would urge people to get their financial planning in order and review their current situation today to ensure they aren’t missing out on what is rightfully theirs. A discussion with a local IFA is a great way to start this process, and you can carry out a free and confidential search to find one near you via unbiased.co.uk’s ‘find an IFA’ search.”

Consumers looking to find an accountant, an IFA or a whole of market mortgage adviser can carry out a free and confidential search at unbiased.co.uk.

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