- Monday, 16 November 2009A significant number of Britons are paying too much tax as a result of a lack of understanding of the tax system, it has been revealed.
Research from Fidelity International indicates that 15 per cent of UK taxpayers are not aware of which tax bracket they are in, while a further 38 per cent have taken no action to try and make themselves more tax efficient.
The number of people seeking debt management help could rise as a result of tax inefficiency in the current economic climate, particularly in light of the poor levels of tax education among Britain's young.
Wendy van den Hende, chief executive of the Personal Finance Education Group, said that children should be educated on the subject to better prepare them for the future.
She commented: "Every year, something like a million school leavers don't understand how the tax system works.
"[Tax education should] start at school, making sure that people understand the system before they need to access it."
More than two-fifths (41 per cent) of Britons say their taxes have increased over the last five years.
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