SCHEDULES

SCHEDULE 1Abolition of basis periods

PART 3Amendments of other Acts

46Income Tax Act 2007

1

Section 75 (trade leasing allowances given to individuals) is amended as follows.

2

In subsection (5)—

a

omit “the basis period for”;

b

omit “(“the loss-making basis period”)”.

3

In subsection (6), in each of paragraphs (a) and (b), for “loss-making basis period” substitute “tax year”.