- 1. Why is the five step process sometimes a six step process?
- 2. If the gain all falls in Higher Rate, can TSR still provide a benefit?
- 3. What is the Gift Aid quirk?
- 4. Are chargeable event gains treated as forming the highest part of total income?
- 5. Does TSR apply just to individuals?
- 6. What TSR measures were announced in the 11 March 2020 Budget?
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A Top Slicing Relief (TSR) calculation should be embraced rather than feared. It is after all a good thing. Without it, clients could be disadvantaged by being charged in a single year on chargeable event gains accrued over longer period. Where appropriate, TSR reduces the rate of tax charged on the gain by applying a spreading mechanism. HMRC guidance tells us there are five steps involved in a calculation… or sometimes six. In honour of that, let’s consider five issues to look out for. In fact, let’s make that six!