Substance based income exclusion: inclusion of payroll costs and assets voluntaryU.K.
22(1)In section 196, in subsection (1)—
(a)omit the “and” after paragraph (c), and
(b)at the end of paragraph (d) insert “, and,
(e)the filing member chooses to include those costs in calculating the substance based income exclusion for the period.”
(2)In section 197, in subsection (5)—
(a)in the words before paragraph (a), omit “it is”,
(b)in paragraph (a), at the beginning insert “it is”,
(c)omit the “and” after that paragraph,
(d)in paragraph (b), at the beginning insert “it is”, and
(e)at the end of that paragraph insert “and,
(c)the filing member chooses to include the asset in calculating the substance based income exclusion for the period.”