Finance Act 1994

2 (1) In subsections (1) and (2) of section 257BA of that Act (elections as to transfer of relief under section 257A)—

(a) for the words “to deduct from her total income”, in each place where they occur, there shall be substituted “to an income tax reduction calculated by reference to”; and

(b) for the words “that he is entitled to deduct under section 257A”, in each place where they occur, there shall be substituted “by reference to which the calculation of the income tax reduction to which he is entitled under section 257A is to be made”.

(2) In subsection (3) of that section—

(a) for “to deduct from his total income” there shall be substituted “to an income tax reduction calculated by reference to”;

(b) for “the amount, if any, that he is already entitled to deduct” there shall be substituted “any income tax reduction to which he is already entitled”; and

(c) for “that she is entitled to deduct by virtue of that election” there shall be substituted “by reference to which the calculation of the income tax reduction to which she is entitled by virtue of that election is to be made”.

(3) Any election made for the purposes of section 257BA of the Taxes Act 1988 which—

(a) has been made before the coming into force of this paragraph, and

(b) apart from this paragraph, would have effect in accordance with that section for the year 1994-95 or any subsequent year,

shall so have effect as if it were an election for the purposes of that section as amended by this paragraph.