Wendy Walton reviews topical issues, including the new annual charge on UK residential property.
Capping of income tax reliefsIn the May briefing (Tax Journal 18 May 2012) I outlined the impact of the proposed capping of income tax reliefs. The Chancellor has announced that he has listened to the outcry from the profession and the charity sector and the proposed cap will now no longer apply to charitable giving.
Why it matters: Individuals will not be discouraged from charitable giving by means of restricting the tax relief and private clients should no longer need to structure their affairs to try and maximise the relief during this tax year.
From 1 April 2013 an annual...
