Lifetime tax bill for average family climbs to £734,240
05 Aug 2015
The average British family will pay almost three-quarters of a million pounds in tax over the course of a lifetime, new research suggests.
According to the Taxpayers’ Alliance (TPA), an average household will pay £734,240 (in 2013/14 prices) in direct and indirect taxes during their lifetime.
The figure, which is based on data obtained from the Office for National Statistics, equates to a 2.3% increase on the amount calculated for 2012/13 (£717,650).
The TPA claims that over a lifetime, the average household pays £253,040 in income tax, some £146,775 in VAT, £92,795 in employee national insurance contributions, and a further £59,955 in council tax.
Commenting on the findings, TPA chief executive, Jonathan Isaby, said: ‘This new analysis shows just how heavy the burden of taxation falls on each and every family across Britain, pushing up the cost of living.
‘Every arm of local and central government must redouble its efforts to root out unnecessary spending and inefficiency in everything they do, so that not a penny of this extraordinary bill is wasted. Britain's tax bill is too high - it must come down, and that means cutting out wasteful spending.’
We can help you plan to minimise your tax bill and maximise your wealth – please contact us for advice.