The Income Tax (Schedule 22 to the Finance Act 1995) (Prescribed Amounts) Regulations 1997

Explanatory Note

(This note is not part of the Regulations)

These Regulations prescribe amounts under various provisions of Schedule 22 to the Finance Act 1995 (c. 4) (“Schedule 22”) other than paragraphs 1(3)(b) and 9(3)(b) of that Schedule. Schedule 22 contains rules designed to prevent the exploitation of the transitional relief provisions for self assessment in Schedule 20 to the Finance Act 1994 (c. 9).

Regulation 1 provides for citation and commencement, and regulation 2 for interpretation.

Regulation 3 prescribes amounts for the purposes of paragraph 1(3) and related paragraphs of Schedule 22 (increase of profits or gains of the appropriate transitional period) as respects a trade, profession or vocation carried on by any person other than a partner.

Regulations 4 and 5 prescribe amounts for the purposes of paragraph 1(3) and related paragraphs of Schedule 22 as respects a trade, profession or vocation carried on by persons in partnership.

Regulations 6 and 7 prescribe amounts for the purposes of paragraphs 2(4)(b) and 5(4)(b) of Schedule 22 (partnership refinancing in the appropriate transitional period).

Regulation 8 prescribes an amount for the purposes of paragraphs 9(3)(a) and 10(3) of Schedule 22 (limits applying to income chargeable under Case III, IV or V of Schedule D arising in the years of assessment 1995–96 and 1996–97).