According to some research published today, about £125 million will be wasted by parents not taking advantage of the full tax breaks of their children’s Child Trust Funds in 2007.
Hearing about wasted tax breaks is never a surprise. I am constantly shown figures that suggest we are all paying the tax man far too much in unnecessary income, capital gains and inheritance tax.
What makes this particular wasted tax break worse is the fact that only 71% of new parents have opened a Child Trust Fund account for their children since their introduction back in April 2005. If the Treasury offers you 'free money' to invest for when your child reaches their 18th birthday then not taking it is really inexcusable. Find out more about the Child Trust Fund at the official Government website here.
There is a useful online tax wastage calculator available here. If you think that you might be paying more tax than you should be, then use the calculator to check it out.
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