Market volatility has seen 450,000 fewer people use investment ISAs but a 21% jump in the use of Cash ISAs, according to the latest figures from HMRC.

A leading firm of tax advisers has warned that after a pause during the Coronavirus pandemic HMRC is relaunching enquiries into taxpayers’ affairs “as a matter of urgency.”

HMRC is to end the automatic sending of paper Self Assessment returns to encourage more people to file online in a bit shift toward digital filing.

HMRC says that a ‘record breaking’ 11.1m taxpayers beat the 31 January tax return deadline but 958,000 missed the cut off date.