HM Treasury’s United Kingdom Budget 2007

Grant Thornton

Grant Thornton

Personal Income Tax Reliefs

Payments on Loss of office

  • £30,000 exempt (subject to conditions)

Maintenance to ex spouse/civil partner

  • Relief on maximum of £2,440 (£2,350 2006/2007) unless obligation existed on 15 March 1988.
  • Relief restricted to 10%.
  • Applies only where either party was born pre 6 April 1935.

Life Assurance Relief

  • Relief on pre 14 March 1984 policies 12½%

Rent a Room Relief

  • Rent received on furnished accommodation in an individual’s only or main residence tax free up to a maximum of £4,250 per tax year

The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.

This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.

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