Article 2 Amount of the relevant maximum
(1)
Section 31B of the Income Tax (Trading and Other Income) Act 2005 is amended as follows.
(2)
In subsections (3) and (4) after “is greater than” insert “the higher of £300,000 or”.
(3)
In subsection (5)—
(a)
in paragraph (a) at the beginning insert “the higher of £150,000 or”, and
(b)
in paragraph (b) after “in the tax year,” insert “the higher of £300,000 or”.
(4)
In subsection (6) for “the VAT threshold is” substitute “amounts specified in subsections (3), (4) and (5) and the VAT threshold are”.