ARTICLE · 07 DECEMBER 2012

Time For A Review? Tax Update

Smith & Williamson

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Pam Sayers highlights three key areas that could impact on the tax liability of partnerships, meriting a review of existing and future structures.

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Pam Sayers highlights three key areas that could impact on the tax liability of partnerships, meriting a review of existing and future structures.

Proposed cap on income tax reliefs

A technical consultation was issued in July, proposing to cap relief at £50,000 or 25% of an individual's total income (depending on which is higher) on ten unlimited income tax reliefs from April 2013. These include:

trade and property loss relief against general income
early trade loss relief
post-cessation trade and property loss relief
qualifying loan interest relief.

If implemented, individuals with additional business activities may only be entitled to a restricted amount of relief, including overlap relief for retiring partners.

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