Reliefs being abolished – Budget 2011

Dec 18
ABOLITION OF RELIEFS (from 1 January 2011 unless
otherwise stated)
Rent Relief to be phased out over 8 years; the same timeline as previously announced for Mortgage Interest Relief.
Patent Royalty Exemption, effective from the launch of the National Recovery Plan on 24 November 2010.
Tax relief on Loans to Acquire an Interest in Certain Companies.
Abolition of tax relief for Trade Union Subscriptions.
Termination of the scheme of accelerated capital allowances for farmers who incur capital expenditure on farm buildings and structures for use in the control of pollution.
Tax exemption from BIK for Employer Provided Childcare.
Abolition of tax relief on subscriptions to professional bodies.
Capital expenditure on new machinery and plant for use in mining.
Approved Share Options Scheme, effective from the launch of the National Recovery Plan on 24 November 2010.
Tax relief for new shares purchased by employees.
Exemption from Tax in respect of grants or payments to the National Co-Operative Farm Relief Services Limited.

Leave a Reply