Income tax

CONSERVATIVE and Liberal Democrat peers yesterday defeated the Government on key aspects of its Pensions Bill, says this morning's Daily Telegraph.

At least 200,000 family businesses could be forced to pay additional tax of more than £1bn in total or around £9,000 a year following a legal victory for the Inland Revenue, says this morning's Daily Telegraph .

Introducing a tiered inheritance tax band would cut the tax paid by nine out of ten people but still add an extra £150m a year to the Treasury coffers, says the IPPR.

Reform of the income tax charge on pre-owned assets has left individuals and their advisers in limbo when it comes to resolving the tax status of financial affairs.

FOLLOWING CRITICISM of the chancellor's spending review on Monday, the Guardian this morning says Brown expects to plug the gap thanks to an improvement in financial services and the revenue earned by city workers' huge bonuses.

Film entrprises which in the past made the most of third-party tax advantages will still be able to do so, chancellor Gordon Brown has just announced.

The Inland Revenue has closed another income tax loophole which previously allowed partners to offset trading losses from one business against another for tax avoidance purposes.