{
  "url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-16/paragraph-1",
  "json_url": "https://openlegislation.uk/finance-no-2-act-2023/schedule-16/paragraph-1.json",
  "legislation": "ukpga/2023/30",
  "legislation_title": "Finance (No. 2) Act 2023",
  "legislation_url": "https://openlegislation.uk/finance-no-2-act-2023",
  "path": "schedule/16/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": "Transitional relief for substance-based income exclusion",
  "text": "(1) Section 195(4) (payroll carve-out amount) has effect for an accounting period that commences in a year listed in following table as if for “5%” there were substituted the specified percentage for that year—\nYear\nSpecified percentage\n2023\n10%\n2024\n9.8%\n2025\n9.6%\n2026\n9.4%\n2027\n9.2%\n2028\n9.0%\n2029\n8.2%\n2030\n7.4%\n2031\n6.6%\n2032\n5.8%\n(2) Section 195(5) (tangible asset carve-out amount) has effect for an accounting period that commences in a year listed in following table as if for “5%” there were substituted the specified percentage for that year—\nYear\nSpecified percentage\n2023\n8%\n2024\n7.8%\n2025\n7.6%\n2026\n7.4%\n2027\n7.2%\n2028\n7.0%\n2029\n6.6%\n2030\n6.2%\n2031\n5.8%\n2032\n5.4%",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2023/30/schedule/16/paragraph/1",
    "retrieved_at": "2026-10-29T08:52:11.242356+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "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."
}