Pensions, savings and investments

Taxes may have to rise by significant amounts if the UK’s public finances are to return to balance in the timescale outlined by the Chancellor, a think tank has claimed.

People who earn more than £150,000 will get 50 per cent tax relief on the contributions they make to their pensions for one year.

After months of poor savings account interest rates, investors may be about to reap the rewards of better returns on their money.

A detail in the Budget announcement has revealed that people who earn more than £150,000 a year will have to pay tax on the contributions that their employers make to their company pension schemes.

Future tax rises were always likely to be on the agenda as the Chancellor seeks to reassure the international money markets that he has plans laid to reduce the UK’s huge borrowing deficit.

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