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New guidance on restriction of income tax relief

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HMRC has published a new 17-page guidance note on the limits to income tax relief introduced by FA 2013. The rules apply to certain reliefs that reduce an individual’s total income. The limit is the greater of £50,000 or 25% of the individual’s income in a tax year. The new guidance, explains, with examples, how the limit is calculated, the measure of income used to calculate the limit, and which reliefs are subject to the limit

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