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London (ask4loan) January 9, 2007: Sainsbury's Bank says that many Brits will opt for personal loans once they find that their tax bills are more than expected. On an average, it is expected that personal loans taken out to pay for tax bills will be around £10,885.


It has been estimated by the bank that between January and March 2007, consumers will take out up to 433,800 personal loans worth around £4.8 billion. This whole amount is supposed to be used for consolidating Christmas debts.

The bank suggests that those who are looking to finance their tax bills in this fashion should shop around for the best possible deal. Steven Baillie, loans manager at Sainsbury's Bank stated: "Some people can find themselves facing a tax bill that is considerably higher than they had been expecting and to help cover this, will take out a personal loan."

Before arriving to this conclusion, the bank also considered a finding by HM Revenue & Customs revealing that around 900,000 people missed last year's tax self-assessment deadline and received a £100 penalty.


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