One of the surprises of the Budget announcements made 21 March was the capping of certain reliefs, particularly the reliefs for charitable giving and business losses.
The aim of the cap is to restrict the amount of tax relief claimed by high income earners. The Chancellor was apparently shocked to discover that some of the country's wealthiest individuals pay hardly any income tax.
What is the cap?
The Budget itself contained very few details about the proposed cap other than: