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tax reliefs

Elective surgery

The government abolished income tax relief for payment of patent royalties in December 2012 after HMRC found no evidence of any use of the break that was not for the purpose of avoidance.

Despite the action in that instance, the Revenue does not estimate the tax at risk or loss as the result of the abuse of reliefs but the amount is likely to be “significant”, according to the latest report from the National Audit Office (NAO).

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