Finance Act 2024 (c. 3)

Schedules

Schedule 10 U.K. Calculation of trade profits etc

Part 2 U.K. Minor and consequential amendments

Chapter 1 U.K. Amendments of ITTOIA 2005

Amendments of other provisions U.K.

31 In section 783AE (full relief: introduction), in subsection (3)—

(a) for paragraph (a) substitute—

“(a) the cash basis applies for the tax year in relation to one or more of the trades mentioned in subsection (2)(a);”;

(b) in paragraph (b)—

(i) for “25A” substitute “25C(1)”;

(ii) at the end insert “in relation to one or more of the trades mentioned in paragraph (a)”;

(c) omit paragraphs (c) and (d).