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Loss Relief
Budget 2012 (2) – Charity Tax Relief
Aside from the ‘Granny Tax’, perhaps the most controversial issue to come from Mr Osborne’s Budget 2012 was the proposal to cap unlimited tax reliefs at 25% of taxable income, or £50,000, whichever is the greater. Whilst we await the draft legislation, this is widely understood to cover: Qualifying loan interest relief Gift Aid and [...]
Budget 2012 – Other Taxation
Cap on Unlimited Tax Reliefs Finance Bill 2013 will include legislation to apply a cap on tax reliefs which are, currently, unlimited. This will apply on tax relief claimed on or after 06 April 2013. These tax reliefs allow, for example, an Additional rate taxpayer to contribute unlimited amounts which may bring their income down [...]
