The restriction of reliefs measure which was introduced in 2007 and further enhanced in 2010 has already curtailed the ability of individuals to utilise these reliefs, thereby spreading the cost over a much longer period. Although the annual Exchequer cost of these schemes is expected to decline in future years anyway, the way in which the reliefs are claimed against taxable income means it may take considerable time before the tax system is finally clear of them. In the context of the national recovery plan, the Government has decided to take steps to curtail this legacy cost over a much shorter and definite time period. These steps are provided for in Financial Resolutions Nos. 20 to 22, inclusive, which will commence with immediate effect.

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