(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.