SCHEDULES

SCHEDULE 1 Abolition of basis periods

PART 1 Main amendments of ITTOIA 2005

Chapter 2 (income taxed as trade profits)

2 (1) Section 7 (income charged) is amended as follows.

(2) In subsection (1), at the end insert “(including amounts treated as profits of the tax year under section 23E(1))”.

(3) Omit subsections (2) and (3).