Britons have lost out on £1.13bn of pension tax relief in the five years to 2020/21, according to Hargreaves Lansdown.

Britain’s top 100,000 taxpayers saw their average income and capital gains tax bills surge by 18% in one year, according to a Freedom of Information request.

The Government has issued a new Financial Bill which includes the legal mechanism for the abolition of the pensions Lifetime Allowance (LTA).

Chancellor Jeremy Hunt is to cut Employees’ National Insurance by two percentage points from 6 January, a move that will save employees hundreds of pounds a year.