Sainsbury’s Bank estimate that just shy of £50 million will be loaned by consumers attempting to pay their tax bills . The average loan for each taxpayer seeking a loan will be just under £11,000, with the total amount borrowed forecast to reach £49.67 million. The January 31st deadline is imminent, leaving people panicking about their situation as they are faced with tax bills that may be higher than they had expected.
Figures from Revenue and Customs show that 900,000 people incurred the £100 fine that accompanies missing the January 31st cut-off for paying self-assessment tax bills . Unfortunately, many of those in the most desperate circumstances end up with a high interest loan that can serve to exacerbate their situation.
Tax Bill Loans to Hit GBP50 Million
Thu, 31 Jan 2008
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