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Issue:
4361
/
Categories:
Comment & Analysis
, Admin
, Business
, Companies
, Income Tax
, Investments
PAUL APLIN is at a loss to understand the reasoning behind plans to cap tax reliefs
KEY POINTS
- When did tax reliefs become loopholes?
- The proposal to cap previously uncapped reliefs.
- Those with trading losses in excess of income may still have a tax liability.
- Will the capping discourage the investment the government is seeking?
- Capping interest relief may lead to inequitable results.
- Will consultation highlight unintended consequences?
The coalition was rightly applauded for its early moves on improving the process of creating tax policy.
The chancellor abandoned the traditional mystery surrounding the Budget date by deciding to announce it well in advance the government published substantial amounts of draft legislation for comment months before Budget day and endeavoured to make policy drivers – so often hard to discern in the past – clear.
The Exchequer secretary David Gauke was...
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