��˾����ҹ����

(1)     In Part 4 of FA 2004, after section 228 insert—

“228ZA Tapered reduction of annual allowance: high-income individual

(1)     If the individual is a high-income individual for the tax year, section 228(1) has effect for the tax year in the individual's case as if the amount (“A”) which it specifies for the tax year were reduced (but not below £10,000) by—

(T - £150,000) x ((A - £10,000) / £60,000)

where T is the individual's adjusted income for the tax year.

(2)     If the amount of the reduction under subsection (1) would otherwise not be a multiple of £1, it is to be rounded down to the nearest amount which is a multiple of £1.

(3)     The individual is a “high-income individual” for the tax year if—

(4)     The individual's “adjusted income” for the tax year is—