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SCHEDULES

SCHEDULE 1U.K.Abolition of basis periods

PART 3U.K.Amendments of other Acts

Income Tax Act 2007U.K.

42(1)Section 66 (restriction on relief unless trade is commercial) is amended as follows.

(2)In subsection (2), omit “the basis period for”.

(3)In subsection (5), for “basis period”, in each place, substitute “tax year”.