Finance Act 2022 (c. 3)

SCHEDULES

SCHEDULE 1 U.K. Abolition of basis periods

PART 2 U.K. Other amendments of ITTOIA 2005

Part 2 (trading income) U.K.

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”.