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tax relief
noun
- a reduction in the amount of tax a person or company has to pay
Example Sentences
Indeed, speaking on The Westminster Hour on BBC Radio 4, Baroness Mallalieu, a Labour peer and the president of the Countryside Alliance, said the government’s changes to inheritance tax relief “smell of incompetence” and that a "large part of our party has become urban... divorced from a big section of the community".
The Treasury has said the autumn Budget provided tax relief for charities and their donors worth just over £6bn for the tax year to April 2024.
Now the Treasury expects that the changes to inheritance tax , as well as changes to Business Tax Relief, will raise £230m in 2026-27, the first year of their introduction.
For years, tax relief has enabled small family farms – including land used for crops or rearing animals, as well as farm buildings, cottages and houses - to be handed down through the generations.
Liberal Democrat environment spokesman Tim Farron said of the changes to agricultural property inheritance tax relief: "This is a family farm tax which risks ringing the death knell for local farmers and the small businesses who rely on them."
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