Tax planning

The Financial Services Compensation Scheme (FSCS) has begun processing about 150 individual claims related to advice to invest in tax 'mitigation' schemes after being given the green light by lawyers.

The amount of tax the government has collected from people breaching the lifetime pension allowance (LTA) has risen by 276% since George Osborne became Chancellor.

The lifetime allowance "has outlived its usefulness" and should be scrapped as part of a wider overhaul of pension taxation, Tom McPhail has said.