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Budget 2012 - tax relief

The government has set a new cap on income tax relief.

Under the new rules income tax relief will be capped at £50,000 or 25 per cent of income for those seeking to claim more than £50,000 in relief.

In the past popular methods of increasing relief have included to make generous pension contributions, to use schemes such as VCTs and EIS's and to make donations to charity, which can then be offset against any liability come year-end.

Further information on such schemes is available here.

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