Personal tax

An enabling clause should give taxpayers a greater stake in the planned Tax Charter.

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.

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.

Rules that allow owners who rent out holiday homes to set trading losses against their tax bills are to be dropped from April 2010.

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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