Many property-based reliefs have been already abolished, but some legacy costs remain. Such costs will be further restricted as a result of today's changes. Three new measures in particular will be targeted at passive investors: restrictions on the carry forward capital allowances will start in 2011 and impact progressively over the next few years; from 2011, section 23 relief will be restricted to income from section 23 property; and a "guillotine" provision will ensure that all unused capital allowances after 2014 and section 23 reliefs are lost. This last provision will effectively terminate all property-based reliefs in 2014. Again, full details are set out in the summary of budget measures.

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