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Half pay too much tax

Almost half of adults in the UK are paying too much tax, but are failing to do anything about it.Many adults could benefit from tax-free savings offered by ISAs, but new research by Britannia Building Society has revealed that almost half (48 per cent) of adults have never had one, and are missing out on tax-free savings as a result. Of those who don't have an ISA, 30 per cent did not even know what one was. Neville Richardson, group chief executive of Britannia, explained: "Our research reveals that there are many misconceptions about ISAs and people just don't understand how they work. "It's a shame that many of those who are saving are unnecessarily being taxed twice - firstly on their income and then again on their savings. This means 48 per cent of adults are financially worse off by missing out on tax free returns on their savings."

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