SCHEDULES

SCHEDULE 1Abolition of basis periods

PART 2Other amendments of ITTOIA 2005

13Part 2 (trading income)

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”.