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A recent report by the TaxPayers' Alliance (TPA) stated that the average British family pays more than £250,000 in tax (net of tax credits) during a 40-year working life. The report followed the recent disclosure by the Prudential that retired households – which have an average income of £21,800 – pay, on average, £2,600 per year in direct taxes and £3,900 in indirect taxes.
The Prudential report stresses the need for those approaching retirement to factor the implications of tax into their retirement plans.
Among the more concerning findings in the TPA report is the revelation that the best-off 20 per cent of taxpayer households each pay nearly £1.5 million in Income Tax during a 40-year working life.