Finance Bill 2013: caps on income tax reliefs

The draft Finance Bill 2013, published on 11 December, includes a cap on the amount of income tax relief that tax payers can receive, where the relief itself is not already capped. The cap is due to apply for claims for relief for the 2013/14 tax year onwards and restricts the amount of income tax losses for which relief can be obtained in any tax year to either £50,000 or 25% of earnings, whichever is greater.

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