The majority of British taxpayers are unaware of the tax rules connected to long-term fiscal planning, according to financial services provider Zurich.
A new study by the company shows that three-quarters of the population do not know that they are entitled to tax relief on pension contributions.
Broken down into age groups, 82% of adults between 25 and 34 are oblivious to the relief, while 77% of those in the 35-to-44 range do not know about it. The most informed are people aged 55 or older, with 31% understanding that there are tax advantages to pensions.
Meanwhile, men (30%) are more aware than women (20%) of the tax relief.
Zurich's survey also examined tax awareness of other long-term financial planning products, finding that fewer than one in ten Britons are aware of the tax rules regarding income bonds, and only 10% know about the tax treatment when investing in stocks and shares.
A greater proportion of the population (48%), however, are aware of tax rules on ISAs, with Londoners (53%) being the most savvy.
The tax relief available on charity donations is also reasonably well known: 34% of those surveyed were aware of the benefits, with knowledge increasing with age.
