Finance Act 2022 (c. 3)

SCHEDULES

SCHEDULE 1 U.K. Abolition of basis periods

PART 3 U.K. Amendments of other Acts

Income Tax Act 2007 U.K.

46 (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”.