Top rate income tax raised to 50%!
From the 6th of April 2010, those earning above £150,000 per annum will be subject to a 50% rate of income tax. Individuals can receive tax relief through making pension contributions at their highest marginal rate. However, after the 6th of April 2011 for those earning in excess of £180,000 only the basic tax relief will apply.
No breaks on holiday lets!
Commencing on the 5th April 2010 will be the reclassification of furnished holiday lettings as “any other property investment”. This will prevent owners of such properties from claiming losses created by the property lettings business against other income.
Additionally when the property is sold gains can no longer be rolled-over into another business.