At the end of every February, a new tax year rolls around. Because of the bumblings of our former president, the bills for which have become due thick and fast, we can hardly expect the budget to be a pretty sight for some time — at least until 2026, according to finance minister Tito Mboweni.

Be that as it may, I’d like to share with you an example of how behavioural bias from prospecting theory (specifically loss aversion) sneaks up and messes with people at tax time — in any tax year...

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