Personal tax: Unlimited reliefs capped

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While it responded to criticisms from accountants in areas such as the controlling persons rules for IR35, the government pressed ahead with new limits on a collection of income tax reliefs in draft Finance Bill 2013 clauses published on Tuesday 11 December.

The legislation will enact the limits announced in the 2012 Budget of £50,000, or 25% of income - whichever is greater, starting from 6 April 2013. The Finance Bill 2013 overview document identified trade and property loss reliefs that can be relieved against general income and qualifying loan interest relief as the main victims.

The limit will not apply to relief offset against profits from the same trade or property business, but a number of other reliefs will also be affected (see box, right).

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