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.