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Consultation – Removal of 36 Tax Reliefs
Sunday, December 11th, 2011
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It is worthwhile devoting a section specifically to the consultation which has resulted in some changes to tax and NICs reliefs which may be enjoyed by employees and employers alike.
The Government abolished seven reliefs in The Finance Act 2011 and outlined its intention to abolish thirty six others in the Finance Bill 2012. This is all part of the Office of Tax Simplification’s review and subsequent consultation in May 2011, ‘Abolition of 36 tax reliefs’.
On 06 December, the Government published its response to the consultation. The ones on bold print are discussed after:
- 28 reliefs fully abolished
- Life Assurance Premium Relief (from 2015)
- Life Assurance Premiums paid by Employers under E-FRBS (2015)
- Grants for Giving Up Agricultural Land (2013)
- Angostura Bitters (2013)
- Black Beer (2013)
- Cycle to Work Days – provision of Meals (2013)
- Luncheon Vouchers (2013)
- Pools Payment for Football Ground Improvements (2013)
- Pools Payment for Support for Games (2013)
- Class 1 NICs Exemption for Certain Apprentices and Students Coming to the UK (2012)
- Nationalisation Schemes (2013)
- Tax Reserve Certificates Issued by HMRC (2013)
- Payments for the Benefit of Family Members (2013)
- Class 1A NICs Exemption for Prescribed General Earnings (2012)
- Class 4 NICs Relief for Losses in 89/90 of Before (first NICs Bill)
- Capital Allowances – Safety at Sports Grounds (2013)
- Capital Allowances – Flat Conversion Allowances (2013)
- Exempt Instruments (2013)
- Certain Leases (2013)
- Partial Relief for Company Acquisitions (2013)
- Share Ownership Transactions (2013)
- Transfers to Registered Social Landlords (2013)
- Visiting Forces and Allied Headquarters (2013)
- Specific Payments to Mariners Disregarded for Class 1 NICs (2012)
- Harbour Authorities (2013)
- Harbour Reorganisation Schemes (2013)
- Transfers in Relation to Harbour Reorganisation Schemes (2013)
- Pool Betting Duty Payments… (2013)
- Pensions for 1947 Redundancies (2013)
- Tax Reserve Certificates – Income Tax (2013)
- 4 reliefs partially abolished
- Mineral royalties
- Deeply Discounted Securities – incidental expenses
- Disadvantaged Area Relief (Stamp Duty)
- Disadvantaged Area Relief (StampDutyLandTax)
- 4 reliefs retained ‘for exceptional reasons’
- Late Night Taxis
- Compensation for mis-sold pension
- Land remediation, and
- NICs exemption for identifying lost or stolen credit cards
Further Information
- HM Treasury - Abolition of 36 tax reliefs
- HM Treasury - Consultation Response
