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The latest tax, employment, business and economic news affecting firms and individuals alike. Updated each day.

It could take the length of “two parliaments of pain” before the economy recovers, a thin-tank has claimed.

A detail in the Budget announcement has revealed that people who earn more than £150,000 a year will have to pay tax on the contributions that their employers make to their company pension schemes.

Rules that allow owners who rent out holiday homes to set trading losses against their tax bills are to be dropped from April 2010.

Read our Budget Report here

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