{
  "url": "https://openlegislation.uk/finance-act-1996/section-118",
  "json_url": "https://openlegislation.uk/finance-act-1996/section-118.json",
  "legislation": "ukpga/1996/8",
  "legislation_title": "Finance Act 1996",
  "legislation_url": "https://openlegislation.uk/finance-act-1996",
  "path": "section/118",
  "kind": "section",
  "number": "118",
  "heading": "The appropriate allowance.",
  "text": "(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)—\n(a) for “£100” there shall be substituted “ £60 ”; and\n(b) for “five years” there shall be substituted “ three years ”.\n(2) Subsection (1) above has effect for the year 1997-98 and subsequent years of assessment.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1996/8/section/118",
    "retrieved_at": "2026-10-29T09:32:25.231034+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}