# Finance Act 1996, 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.

---
Source: https://www.legislation.gov.uk/ukpga/1996/8/section/118 (the official version)
Page: https://openlegislation.uk/finance-act-1996/section-118
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.