Income tax

The UK should introduce a single income tax of 30% as part of a radical reform of the taxation system designed to boost economic growth, an influential committee has said.

Chancellor George Osborne has played down plans to limit tax relief for charitable giving.

Labour has been defeated in its efforts to block controversial plans to freeze age-related income tax allowances for pensioners.

Almost one in ten people earning over £10m per year pays less than the 20% basic rate of income tax, according to Treasury figures.

The Chancellor has expressed his "shock" that some of the country's wealthiest people are able to organise their finances so they pay "virtually no" income tax.

The government has come under fire for plans announced in the Budget to change tax allowances for pensioners, as stakeholders begin digesting the Chancellor's measures.

The point at which people start paying income tax will be increased to £9,205 from April next year, George Osborne announced in today's Budget.

The 50p top rate of income tax will be reduced to 45p from April next year, Chancellor George Osborne announced this afternoon.

George Osborne is set to announce a reduction in the top rate of income tax - but with implementation postponed for a year, according to reports.

Her Majesty's Revenue and Customs (HMRC) is facing calls to investigate London mayoral candidate Ken Livingstone.