Income Tax Act 2007 section 24

Reliefs deductible at Step 2

Section 24 lists all the income tax reliefs that may be deducted from total income at Step 2 of the income tax calculation set out in section 23.

• Individual taxpayers may claim two categories of relief: those available only to individuals (such as early trade losses relief, share loss relief, charitable gifts of shares and property, trade union and police organisation payments, pension scheme relief, and qualifying new residents relief), plus a broader set of reliefs shared with other taxpayers.
• The broader set of reliefs available to all taxpayers covers trade loss relief against general income, carry-forward and terminal trade loss relief, post-cessation trade and property relief, property loss relief, employment loss relief, miscellaneous loss relief, interest payments, irrecoverable peer-to-peer loans, annual payments, certain manufactured payments, capital allowances for special leasing and patent expenditure, former employment liabilities, losses on government security strips and listed securities, and patent expenses.
• Non-individual taxpayers (such as trustees of unauthorised unit trusts) may claim the broader set of reliefs plus relief under regulation 18 of the Unauthorised Unit Trusts (Tax) Regulations 2013.
• Where the relief claimed exceeds the income from which it can be deducted, the rules for dealing with any excess are found in the specific provisions for that particular relief, and also in section 25.