Introduction Summary
1.Section 16 introduces Schedule 3 which provides for a limit on the amount of income tax relief that an individual may deduct at step 2 of their income tax calculation for a tax year in relation to certain prescribed reliefs. The limit is the greater of £50,000 or 25% of the individual’s adjusted total income for the tax year. The limit has effect for the tax year 2013-14 and subsequent tax years.