A Top Slicing Relief (TSR) calculation should be embraced rather than feared. It is after all a good thing. Without it, clients could be disadvantaged by being charged in a single year on chargeable event gains accrued over longer period. Where appropriate, TSR reduces the rate of tax charged on the gain by applying a spreading mechanism. HMRC guidance tells us there are five steps involved in a calculation… or sometimes six. In honour of that, let’s consider five issues to look out for. In fact, let’s make that six!