Tax relief for training??
Lifted this from an article on the internet:
(Can anyone confirm if this is true, or is it already taken into account when you are billed by the training college??)
"....NVQs and Tax Relief for Commercial Pilot Training
note: see NVQ page for latest news
While the cost of paying for your CPL/IR training can undoubtedly be a major concern, help may be at hand in the form of tax relief to the tune of 23% (or 40% if you’re in the higher tax bracket). This is applicable on any flight training towards a CPL/IR as the training is in line with the current National Vocational Qualification (NVQ) scheme. NVQs can be applicable to any number of training courses, from catering to shop retailing to learning how to be a commercial pilot. It refers to a series of levels of competence which, once completed can, according to the level achieved, result in a qualification considered equal to a senior management position. With the CPL training curriculum falling into line with existing levels of NVQ assessment, the tax relief becomes available.
Of course, there are certain criteria which must be met before application for tax relief can be accepted. These include that the applicant must be a resident in the UK for at least 183 days a year, isn’t entitled to any other tax relief and isn’t only undertaking the training for recreational purposes. What this means is that if are applicable you will only be required to pay 77% of your training fees, with your training college able to claim the rest back from the Inland Revenue.
For further details of NVQ tax relief, either contact your training college or the Aviation Training Association on 01494-445262. ......."
What do you think??