Taxes Consolidation Act 1997 Schedule 25B

List of specified reliefs and method of determining amount of specified relief used in a tax year

Schedule 25B lists the specified reliefs that are subject to the high earners' restriction under section 485C, and sets out the method for determining the amount of each specified relief used in a tax year.

• The Schedule identifies over 50 categories of tax relief — principally property-based capital allowances, area-based incentive schemes, certain income exemptions, and loss reliefs — that count towards the annual cap on the use of specified reliefs by individuals.
• For each listed relief, the Schedule prescribes how the amount of relief actually used in a given tax year is to be quantified, generally by reference to the allowances, deductions, or exempt amounts that are actually set off against the individual's income for that year.
• The reliefs covered include writing-down and balancing allowances for various categories of industrial and commercial buildings, accelerated capital allowances under area-based incentive schemes, double rent deductions, residential lessor reliefs, loss reliefs referable to specified reliefs, and exemptions for artistic income and certain distributions.
• A number of items have been deleted over time by successive Finance Acts, reflecting the expiry or repeal of the underlying incentive schemes to which they related.