SCHEDULES

SCHEDULE 1Abolition of basis periods

PART 2Other amendments of ITTOIA 2005

Part 2 (trading income)

13

(1)

Section 154A (certain non-UK residents with interest on 3.5% War Loan 1952 Or After) is amended as follows.

(2)

In subsection (3)—

(a)

in Step 1, omit “the basis period for”;

(b)

in each of Steps 3, 4 and 5, for “basis period” substitute “tax year”.

(3)

In subsection (4)—

(a)

for “basis period”, in each place those words occur, substitute “tax year”;

(b)

for “that period” substitute “that tax year”.

(4)

In subsection (5), for “basis period” substitute “tax year”.