Schedule 2: Transitionals and savings etc. Part 3: Trading income Paragraph 59: Adjustment on change of basis: section 104 of ICTA
3558.Section 109 of ICTA provides a special relief for individuals born before 6 April 1917 who are chargeable to tax under section 104 of ICTA. The relief takes the form of a fractional reduction in the amount charged under section 104 of ICTA. This transitional provision replaces the relief with an exemption. So section 109 of ICTA is repealed without being rewritten. See Change 156 in Annex 1.