Neil MacGillivray: The Budget's good news on gains

The amendment to the legislation was driven by the decision in the recent First‑Tier Tribunal case of Marina Silver v The Commission for HMRC (2019) UKFTT 0263 (TC), and transforms how top-slicing relief impacts on an individual's personal allowance. Where an individual's adjusted net income exceeds the limit of £100,000, their personal allowance is reduced by £1 for each £2 above this limit. So, for tax year 2020/21, if an individual's adjusted net income exceeds £125,000, they will lose their £12,500 personal allowance in its entirety. It has long been HMRC's view that, when working...