Schedules

Schedule 2 Consequential amendments

The Income and Corporation Taxes Act 1988 (c. 1)

34 Section 397 (restriction of relief in case of farming and market gardening)

1

In subsection (5)—

a

omit the definition of “basis year”, and

b

in the definition of “chargeable period” omit the words from “or any basis period” to the end of the definition.

2

Omit subsection (6).

3

In subsection (7), for the words from “but so that” to the end of the subsection substitute

but disregarding—

a

any allowance or charge under the Capital Allowances Act (including enactments which under this Act are to be treated as contained in that Act); and

b

any provision of that Act requiring allowances and charges to be treated as expenses and receipts of the trade