61Phasing out of relief for profit-related pay
(1)Chapter III of Part V of the Taxes Act 1988 (profit-related pay) shall have effect as if, in section 171(4) (£4,000 limit on relief for profit period of twelve months), for “£4,000” there were substituted—
(a)in relation to profit-related pay paid by reference to profit periods beginning on or after 1st January 1998 and before 1st January 1999, “£2,000”; and
(b)in relation to profit-related pay paid by reference to profit periods beginning on or after 1st January 1999 and before 1st January 2000, “£1,000”.
(2)That Chapter shall not have effect in relation to any payment made by reference to a profit period beginning on or after 1st January 2000.
(3)Accordingly—
(a)a scheme shall not be registered under that Chapter if the only payments for which it provides are payments by reference to profit periods beginning on or after 1st January 2000; and
(b)registration under that Chapter shall end on 31st December 2000.