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Issue:
4503
/
Categories:
Comment & Analysis
, Admin
, Capital Gains
, Income Tax
, Inheritance Tax
, International
, Investments
, Residence & domicile
Conditions for claiming personal tax reliefs
KEY POINTS
- Different tax reliefs require variations of hours worked and activity in the business.
- Active trader rules apply to sideways relief.
- Employees should keep records of hours worked for the statutory residence test.
- Remuneration must be in line with the employee’s duties for enterprise investment scheme relief.
Generally the UK tax system prescribes a certain tax treatment regardless of an individual’s input into or contribution to the business or activity.
However advisers should be reminded that in many cases there will be a need to demonstrate their client has worked a certain number of hours or that the business has seen a certain amount of activity to claim particular reliefs.
The definitions are varied and may not cater for the increasing working hours for many employees as well as...
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