UK businesses will pay 78% (£2.9bn) of the £3.7bn extra tax the Government expects to raise yearly with its salary sacrifice pension changes from April 2029, according to analysis from Chartered Financial Planning firm Bowmore Wealth.

People wanting to maximise their state pension by plugging gaps in their National Insurance record have contributed to a total of 68,673 years, worth £35m, since April last year, HMRC said.