How The Cap on Income Tax Reliefs Affects You
Last year the Chancellor announced the government was intending to introduce a cap on currently unlimited income tax reliefs, due to take effect from the tax year 2013-14. This cap has now been put into place, with HMRC having since published guidance on the new rules.
The cap has been set at either £50,000, or 25% of your adjusted total income for the current tax year (whichever is the greater number).
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