Section 118 | The appropriate allowance.

(1)In section 186(12) of the Taxes Act 1988 (determination of the appropriate allowance for the purposes of the charge to tax on capital receipts by a participant in an approved profit sharing scheme)—

(a)for “£100” there shall be substituted “ £60 ”; and

(b)for “five years” there shall be substituted “ three years ”.

(2)Subsection (1) above has effect for the year 1997-98 and subsequent years of assessment.