Guidance on the limits on income tax reliefs

Posted on 21 Mar 2013
Share Blog Post

HMRC have published guidance on the limits on Income Tax reliefs enacted in the Finance Act 2013 and having effect from the tax year 2013-14, reports Harris & Co accountancy services.

The limit applies to certain reliefs, which were previously unlimited and that are available to reduce an individual’s total income. The limit is the greater of £50,000 or 25 per cent of the individual’s adjusted total income for a tax year.

The guidance explains, with supporting examples, how the limit is calculated, the measure of income used to calculate the limit, which reliefs are subject to the limit, and how different circumstances are treated.

View more blog posts

Record numbers of start ups
Posted on 22 Apr 2024
Record numbers of start ups
read more
IR35 holds back economy
Posted on 15 Apr 2024
IR35 holds back economy
read more
HMRC struggling to cope
Posted on 08 Apr 2024
HMRC struggling to cope
read more
HMRC to close phone lines
Posted on 25 Mar 2024
HMRC to close phone lines
read more
Back To Top
01604 660661