Part III Income Tax, Corporation Tax and Capital Gains Tax

Changes for facilitating self-assessment

120 Relief for pre-trading expenditure.

1

In section 401 of the Taxes Act 1988 (relief for pre-trading expenditure)—

a

in subsection (1), for the words from “treated” to the end there shall be substituted the words “ treated as incurred on the day on which the trade, profession or vocation is first carried on by him ”; and

b

subsection (2) shall cease to have effect.

2

This section has effect as respects trades, professions and vocations which are set up and commenced on or after 6th April 1995.