Financial Planning firm Quilter has hit out at the Labour Party following the launch of its manifesto, claiming the party’s tax plans would hit self-employed workers.

In total £535m has now been repaid to investors who were overtaxed on pension freedoms withdrawals since April 2015.

Blick Rothenberg, which alongside its accounting and tax services has a pensions planning and advisory arm, has warned a Labour government would lead to “dramatic changes” in taxation.

Pension savers lost out on £600m last year according to HMRC personal pension statistics released today.