118The appropriate allowance
(1)In section 186(12) of the Taxes Act 1988 (determination of the appropriate allowance for the purposes of the charge to tax on capital receipts by a participant in an approved profit sharing scheme)—
(a)for “£100” there shall be substituted “£60”; and
(b)for “five years” there shall be substituted “three years”.
(2)Subsection (1) above has effect for the year 1997-98 and subsequent years of assessment.