Featured explainers
Taxation of private pensions explained
Private pensions are tax-favoured relative to most other forms of saving. The extent of the tax advantages varies between people.
Income tax explained
Income tax is the single most important source of revenue for the UK Treasury, accounting for about a quarter of total tax revenue.
National Insurance contributions explained
National Insurance contributions (NICs) are the UK’s second-biggest tax, expected to raise almost £150 billion in 2021–22 – about 20% of all tax revenue.
Corporation tax explained
Corporation tax is the fourth biggest source of revenue for the UK Treasury and is forecast to raise around £40 billion in 2021–22.
IFS tax survey
An overview of all UK taxes.
What are the options for reforming pensions taxation?
There are various reforms that could improve the targeting of pension saving incentives or alleviate inequities in the current system.