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(1) Schedule 18 to the Finance Act 2002 (c 23) (relief for community amateur sports clubs) is amended as follows.
(2) In paragraph 4(1)(b) (exemption for trading income not exceeding £15,000 etc) for “£15,000” substitute “£30,000”.
(3) In paragraph 6(1)(b) (exemption for property income not exceeding £10,000 etc) for “£10,000” substitute “£20,000”.
(4) The amendments made by this section have effect in relation to accounting periods ending on or after 1st April 2004.
(5) Where an accounting period begins before, and ends on or after, 1st April 2004, the amendments made by subsections (2) and (3) have effect as if—
(a) the part falling before that date and the part falling on or after it were two separate accounting periods, and
(b) the club's trading income and property income for each of those parts were the proportionally reduced amount of its trading income and property income for the actual accounting period.
(6) In this section—
“property income” has the same meaning as in paragraph 6 of Schedule 18 to the Finance Act 2002;
“trading income” has the same meaning as in paragraph 4 of that Schedule.
This Act received Royal Assent on 22 July 2004: for provision as to the effect of the amendments made by this section see sub-ss (4), (5) above.