Income tax

The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).

An estimated 1.75 million people are missing out on £60m in tax relief on their pension contributions in 2019/20, as the net-pay anomaly continues, Royal London estimates.

Scottish higher-rate taxpayers will benefit from more pensions tax relief than workers on the same salary anywhere else in the UK as income tax bands continue to diverge.

HM Revenue and Customs (HMRC) has had to pay £38m to pension freedom users after more than 18,000 counts of tax overpayment were reported.

This week's top stories included the pension tax relief consequences of the Scottish government's decision to differ tax bands for Scottish workers compared to the rest of the UK.

Proposed changes to Scottish income tax bands could see savers receiving too little tax relief, commentators have warned.

A rise in pensioner incomes and the freezing of pensioner tax-free allowance mean one in five taxpayers are now over the age of 65, Royal London says.

More than 10,000 counts of tax overpayment relating to pension freedoms have led to a £26.8m bill for HM Revenue & Customs (HMRC), latest data has revealed.

Labour has formally unveiled its general election manifesto - confirming pledges to amend the Takeover Code to protect pensioners, protect the triple-lock and give those overseeing the LGPS full trustee status.

Labour's proposal to raise income tax for higher earners could result in industry "horror" with the annual allowance taper being slashed by £70,000, Hargreaves Lansdown has warned.