Would someone be able to explain to me, as if talking to a layman, what is the political justification for on the one hand allowing tax relief for (certain) trust management expenses but then at the same time, for those expenses, restricting relief to the additional rate but not the basic or lower rate?
Just curious.
Thanks
With kind regards
Clint Westwood
Replies (1)
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Don't know
about the political justification however I think they are 'deemed' to be paid out of net income, which is why the relief is restricted. Bit like pension contributions & Gift Aid.