120Relief for pre-trading expenditure
(1)In section 401 of the Taxes Act 1988 (relief for pre-trading expenditure)—
(a)in subsection (1), for the words from “treated” to the end there shall be substituted the words “treated as incurred on the day on which the trade, profession or vocation is first carried on by him”; and
(b)subsection (2) shall cease to have effect.
(2)This section has effect as respects trades, professions and vocations which are set up and commenced on or after 6th April 1995.