Personal tax

The economic downturn looks set to reduce dramatically the proportion of people who pay income tax at the 40 per cent rate.

HM Revenue and Customs (HMRC) is to run a six-month trial using debt collection agencies to chase late tax payments.

Figures have been released showing that the IR35 tax regulations are producing an average of just £1.5 million a year in tax revenues.

Pension industry groups are warning that government plans to cut the tax relief available to higher earners on their pension contributions could have an adverse impact on the whole savings and retirement system.

Changes to pensions tax relief for higher earners could be counterproductive, it has been claimed.

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