Abolition of taper relief
26(1)Section 3 (annual exempt amount) is amended as follows.
(2)In subsection (5), for the words from “which, after” to the end of paragraph (c) substitute “which”.
(3)In subsection (5C)(c)—
(a)for “in a year in which any amount falls to be brought into account by virtue of section 2(5)(b)” substitute “if section 2(4) applies for that year,”, and
(b)for “falling to be so brought into account” substitute “mentioned in section 2(4)(b)(ii)”.