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The latest tax, employment, business and economic news affecting businesses and individuals alike. Updated daily.

Default retirement age should be dropped

26 May 09

Laws that allow employers to oblige employees to retire at 65 should be scrapped.

Business lending still in a trough

22 May 09

Lending to both large and small firms remains weak, the Bank of England has said.

IR35 comes under fire for its negligible tax take

22 May 09

Figures have been released showing that the IR35 tax regulations are producing an average of just £1.5 million a year in tax revenues.

Pension decision time for those approaching 50

21 May 09

Changes to the rules next year will affect early access to pensions.

Pensions rule still under debate

21 May 09

High earners were also shocked to hear that not only would tax relief for pensions be restricted from 2011, but that the Government also intends to restrict their ability to contribute this year and next, in the run up to the new rules.

The restriction, however, is much more limiting than was expected, as it is intended to prevent those affected from increasing their pension contributions in 2009/10 and 2010/11.

But the effect of the rules as drafted mean that many taxpayers earning over £150,000 per annum could be forced to reduce their pension contributions this year.