Tax Reliefs

Tax reliefs are reductions or allowances that decrease the amount of tax you owe. They work by either lowering your taxable income or providing deductions on certain expenses, which ultimately reduces your tax liability. For example, if you contribute to a pension or make charitable donations, these may qualify for tax reliefs. This means you pay less tax than you would without claiming these benefits. Tax reliefs are designed to encourage specific behaviors, like saving for retirement or supporting charitable causes, while helping individuals keep more of their income.