Section 165 of CAA 2001 (abandonment expenditure within 3 years of ceasing ring fence trade) is amended as follows.
In the heading, for "within 3 years of" substitute ." after "
For subsection (2) substitute—
After subsection (4) insert—
After subsection (5) insert—
Section 393A of ICTA (losses: set off against profits of the same, or an earlier, accounting period) is amended as follows.
In subsection (11)—
for "In any case where" substitute ," Subsection (11A) applies in any case where "
in paragraph (a), for "within 3 years of" substitute , and" after "
omit the words after paragraph (b).
After that subsection insert—
The amendments made by this section have effect in relation to ring fence trades that cease to be carried on or after 12 March 2008.