Personal tax

Planned changes to the way the pensions of higher earners are taxed could have a far-reaching impact on retirement savings in general, the House of Lords Economic Affairs Committee has said.

A think tank has argued that the new 50p tax rate could be damaging to the UK’s economy.

People who save for their retirements through company pension schemes could be missing out on millions of pounds in tax relief, a new study has claimed.

Tax laws need to be reformed so that they are open, transparent and pose less of a burden to smaller businesses and entrepreneurs.

Plans by HM Revenue and Customs (HMRC) to upgrade the IT system that is used to handle PAYE tax and national insurance details could result in temporary interruptions to the service.

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