Income tax

The Treasury will not axe tax relief on compensation for certain previous pension mis-selling cases as previously planned.

The government has moved a step closer to implementing a general anti-avoidance rule (GAAR) to the tax system after a report recommended the move today.

January to March is the traditional EIS and VCT fundraising ‘season'. Matthew Brow, partner at RAM Capital Partners which markets the investments, gives a rundown of the New Year benefits on offer.

The government is set to create working groups to begin reforming the income tax and national insurance contribution (NIC) systems.

Her Majesty's Revenue & Customs (HMRC) is considering setting up online accounts for individual PAYE taxpayers and introducing annual tax statements as part of efforts to make the UK tax system easier to understand.

Business leaders will today make a fresh plea to George Osborne to scrap the 50p rate of income tax and increase personal allowances to protect the British economy from the worst of the eurozone crisis.

The Institute for Fiscal Studies (IFS) has proposed extending VAT to nearly all spending - including financial services - following its wide-ranging review into the UK's tax system.

Energy and Climate Change Secretary Chris Huhne has added to coalition tensions over the future of the 50p top rate of income tax with a warning to Tories against 'helping their friends in the City'.

A former Labour Treasury minister today urged her party to drop its support for the 50p tax rate.

Downing Street has rejected calls from a group of prominent economists to drop the 50p tax rate as soon as possible, although it has continued to insist it is only a temporary measure.