The draft 2013 Finance Bill clauses published in December will impact private clients in several ways: the new statutory residence test will provide clarity and assist planning; the cap on currently uncapped income tax reliefs will defer relief for many genuine commercial losses; further changes to pensions tax rules will restrict relief and affect planning; the relaxation of some rules in response to EC challenges will benefit individuals with genuine commercial offshore transactions; and changes to the IHT rules for mixed-domiciled couples will assist tax planning. The overview in respect of the proposed changes to capital gains tax on UK residential properties provides reassurance for some.
