News: April 2012

Tax reliefs to be capped

If you tend to claim tax reliefs which do not have any specific monetary limit, this is all going to change from 6 April 2013. Specifically there will be a maximum amount on which you can claim tax relief, which will be the greater of 25% of your income or £50,000.

Careful planning will therefore be required, with the restriction likely to apply to tax reliefs such as loan interest and charitable donations.

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