Tax Breaks - Transitional Arrangements for the ending of Tax Breaks.

Tax Breaks - Phase Out: Transitional Arrangements

Budget 2006: Budget 2006 brought a restriction to the amount of tax that can be avoided through tax breaks.

General Points
Some general points are as follows:

- the new rules will apply from 1 January 2007.

- Basically: tax breaks used will be restricted to 50% of the individuals income for high earners.

- Transitional tapering arrangements will apply.