Section 49 | Annual allowance: new annual allowance for the tax year 2014-15 and subsequent tax years

(1)Section 228 of FA 2004 (annual allowance) is amended as follows.

(2)For subsection (1) substitute—

(1)The annual allowance for the tax year 2014-15 and, subject to subsection (2), each subsequent tax year is £40,000.

(3)In subsection (2) for “2011-12” substitute “ 2014-15 ”.

(4)The amendments made by this section have effect for the tax year 2014-15 and subsequent tax years.