In addition to the depreciation and expense allowances, said Bacigalupo, accelerated depreciation for young racehorses continues through 2013: taxpayers can depreciate racehorses that are 24 months and younger when purchased and placed in service using a three-year schedule rather than the previous seven-year schedule.

FORBES: 2013 Brings Unexpected Tax Relief For Horse Owners

"It is not just the clawing greed of painstaking claims for such minor items as tampons, barbecue sets and bathrobes, but also the egregious way some have transferred allowances from one second property to another - enabling them to refurbish homes at public expense, then sell them for profit, " Lord Carey added.

BBC: MPs' prestige at low ebb - Carey