Britons expect to see UK tax increases

Owners of UK property still expect post-election tax hikes to occur despite the political uncertainty that hangs in the air.

This could lead a number of people to look into boosting their finances by taking out an equity release scheme such as a lifetime mortgage.

According to a recent report from price comparison service unbiased.co.uk, 31 per cent of Britons predict "substantial" tax hikes in the near future.

The figure comes as the website announced May 30th as the notional point in 2010’s calendar when British workers will start to earn money for themselves rather than the taxman.

Karen Barrett, the organisation’s chief executive, said: "This year’s Tax Freedom Day reveals that for 149 days of the year – from January 1st to May 29th – every penny earned by UK residents will be taken to pay for government spending.

"By taking tax action to reduce your individual tax waste now, you will be able to offset some of the likely increase in tax burden – as well as ensuring you have your personal finances in order."

If you have a property in the UK and are concerned about how tax increases will impact your spending you may wish to see how you can release some of the equity in your property.