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”
.