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Howlader & Co Blog

restriction on income tax relief

Our budget views in blue: Income tax reliefs (e.g. sideways loss relief)

22nd March 2012

Sole trade losses and gift aid These are being capped. Before, if a sole trader started a business and made opening year losses or other trading losses for example, he could relieve these against other income (sideways loss relief). This is now being restricted to the greater of 25% of income or £50,000. The same rules apply to gift ...read more