HSBC tax tips aim to improve financial efficiency

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HSBC tax tips aim to improve financial efficiency

David Wells, head of investment, insurance and savings at the bank, said reducing unnecessary tax payments should be a priority for all households, especially with regard to the imminent tax increases and introduction of new policies.

Mr Wells added: "As Benjamin Franklin once said - nothing in this world is certain except death and taxes. The good news is that people are living longer; the bad news is that taxes are getting higher."

HSBC recommends checking for the correct tax code, taking advantage of family allowances and using an Isa in order to reduce unnecessary tax payments.

The bank recently found that 50 per cent of savers in the UK have an Isa and it was calculated that £9 billion would be spent in excess of required tax payments.

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