The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
The cap on unlimited income tax reliefs applies from 6 April 2013. The cap only applies where the person claims more than £50,000 in reliefs in any one tax year. It acts to limit the relief for the tax year to the greater of:
25% of the ‘adjusted total income’ (for the definition of this term, see the Cap on unlimited income tax reliefs guidance note)
ITA 2007, s 24A(1)–(5)
This guidance note discusses the impact of the cap on claims over multiple tax years. For details of the operation of the cap and the reliefs which are and are not subject to the cap, see the Cap on unlimited income tax reliefs guidance note. It is recommended to read that guidance note first before continuing.
A number of the loss relief provisions included in the cap allow claims for relief to be made in a tax year which is not the same as the year in which the loss arose. The following provisions allow this method of relief:
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