HMRC have issued a report estimating the costs of certain tax reliefs.
The five largest reliefs account for around 65% of all the reliefs covered in the publication:
- CGT private residence relief providing £37.3 billion of relief, up by £7.1 billion over five years;
- IT registered pension schemes providing £26.9 billion of relief, up by £7.1 billion over five years;
- NICs contributions to, and benefits from, registered pension schemes providing £24.7 billion of relief, up by £8 billion over five years;
- VAT on food providing £20.8 billion of relief, up by £1.9 billion over five years; and
- VAT on construction and sale of new dwellings (includes refunds to DIY builders) providing £16.1 billion of relief, up by £1.6 billion over five years.
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Main Residence Relief, by tax barrister Ximena Montes Manzano, is a clearly written, in-depth guide to the familiar CGT relief (often referred to as principal private residence relief or PPR). The work offers fresh commentary on a topic that is familiar to many tax advisers but that contains numerous pitfalls for the unwary. With full reference to appropriate legislation and relevant case law, the principles are illustrated with real-life scenarios and planning points.
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