How cash savers could be making moves to protect themselves from tax

In total last tax year, we paid £1.1trn in tax

clock • 3 min read

People are taking action, saving tax and sheltering their money from the taxman. Laura Suter shares her insight…

The UK taxpayer is paying more tax, there's no escaping that fact. As a percentage of GDP, we're now paying the highest proportion of tax since the 1980s. In total last tax year, we paid £1.1trn in tax, which equates to about 40% of GDP. To frame that, in the 1991/00 tax year receipts clocked in at just under 36% of GDP and just before the pandemic they stood at 36.9%. So, anything that means people are saving on tax is something that should be celebrated. And I have just that – a rare, good news story, where consumer action has reduced tax bills (legitimately, I should add). ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

What an Andy Burnham government could mean for tax

What an Andy Burnham government could mean for tax

Tax expert Alex Ranahan discusses wealth tax prospects and CGT/income tax equalisation

Isabel Baxter
clock 17 July 2026 • 1 min read
State pension age income taxpayer numbers continue to rise

State pension age income taxpayer numbers continue to rise

HMRC predicts numbers to hit 9 million in 2026/27

Sophia Panayi
clock 15 July 2026 • 2 min read
IHT on pensions: Why the compliance challenge is bigger than the tax change

IHT on pensions: Why the compliance challenge is bigger than the tax change

Advisers are revisiting long-held assumptions

Lauren Kiley
clock 08 July 2026 • 4 min read