A tax measure introduced in the 2021 Budget to reduce the cost of pension tax relief for the government will raise twice as much for the Treasury as originally expected, new analysis suggests.

Doctors are cutting hours and leaving the NHS pension scheme in an attempt to manage the impact of punitive pension taxation, according to a new study.

The reversal of April’s 1.25% increase in National Insurance rates for employees and employers took effect from Sunday 6 November.

Financial advisers and industry experts have expressed concern about the ‘stealth tax’ threat from Inheritance Tax after receipts grew to £3.5bn for the latest six month period, up £400m year on year.