{"id":19802,"date":"2019-11-14T12:45:01","date_gmt":"2019-11-14T12:45:01","guid":{"rendered":"https:\/\/smh.group\/?p=19802"},"modified":"2023-02-15T13:39:18","modified_gmt":"2023-02-15T13:39:18","slug":"what-price-are-your-tax-reliefs","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/what-price-are-your-tax-reliefs\/","title":{"rendered":"What price are your tax reliefs?"},"content":{"rendered":"\n<p><strong>When you look at your annual tax statement, have\nyou ever wondered about the overall cost of the tax reliefs you enjoy? HMRC has\npublished its latest annual assessment of the cost of various tax reliefs, and\nthere are some eye-opening numbers.&nbsp; <\/strong><\/p>\n\n\n\n<p>If you were the\nChancellor of the Exchequer, looking for a way to squeeze some extra money out\nof taxpayers, you might well start by examining what the Treasury \u2018loses\u2019 as a\nresult of the many different tax reliefs granted. In October HMRC published\njust the information you need in a new set of cost estimates for the main\nreliefs. <\/p>\n\n\n\n<p>The reliefs are\nsplit into two categories:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Structural<\/em>,\nwhich as the name suggests are largely integral parts of the tax system, such\nas the personal allowance and inheritance tax nil rate band.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><em>Non-structural<\/em>, which are reliefs HMRC says are designed \u201cto help or encourage\nparticular types of individuals, activities or products in order to achieve\neconomic or social objectives\u201d. Examples include the tax reliefs for ISAs and\nthe capital gains tax main residence exemption.&nbsp;&nbsp; <\/li><\/ul>\n\n\n\n<p>By far the most\nexpensive relief is the personal allowance, which carries a price tag of \u00a3113bn\nin 2019\/20. To put that into context, cutting basic rate tax by 1p in the pound\nwould cost the Treasury about \u00a35.6bn. The \u00a3100bn+ cost has already prompted one think tank to\nsuggest that the personal allowance should be scrapped, with the savings\nredistributed so that less benefit goes to higher rate taxpayers.<strong> <\/strong><\/p>\n\n\n\n<p>After the personal allowance, the combined <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/income-tax-national-insurance\/\">income tax and national insurance<\/a><\/span><\/strong> contribution (NIC) reliefs given to pensions is the second most costly \u2018giveaway\u2019. Income tax reliefs are worth \u00a321.2bn in the current tax year, with the NIC exemption for employer pension contributions adding another \u00a318.7bn. A total cost of almost \u00a340bn explains why cuts to pension reliefs are so often on the list of Budget rumours.<\/p>\n\n\n\n<p>HMRC\u2019s latest tally includes no less than 362 non-structural reliefs, although only just under a third of that total are costed. It is little wonder that tax saving opportunities are overlooked, given that large number. When we do get to the post-election Budget, a new government may need to balance generosity with revenue-raising even more carefully. All the more reason to take professional advice \u2026 <\/p>\n\n\n\n<p>To discuss your <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/taxation\/\">tax position<\/a><\/span><\/strong> with one of our <strong><span style=\"text-decoration: underline;\"><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\">Accounting &#038; Business Advisory<\/a><\/span><\/strong> please contact us on <strong>0114 266 4432<\/strong> or <strong><span style=\"text-decoration: underline;\"><a href=\"mailto:info@smhca.co.uk\">info@smhca.co.uk<\/a><\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you look at your annual tax statement, have you ever wondered about the overall cost of the tax reliefs you enjoy? HMRC has published its latest annual assessment of the cost of various tax reliefs, and there are some eye-opening numbers.  <\/p>\n","protected":false},"author":4,"featured_media":16884,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[83,11,21,227,228,19,407,406],"class_list":["post-19802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-chartered-accountants","tag-hmrc","tag-income-tax","tag-national-insurance","tag-personal-tax","tag-tax","tag-tax-position","tag-tax-reliefs"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What price are your tax reliefs? - SMH Group<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What price are your tax reliefs? - SMH Group\" \/>\n<meta property=\"og:description\" content=\"When you look at your annual tax statement, have you ever wondered about the overall cost of the tax reliefs you enjoy? 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