Under the heading of capital allowances there are two discrete but interlinked classes of changes which are being introduced in these financial resolutions. The first change will narrow the range of incomes to which the allowances can apply while the second change will curtail the ability of the person to carry forward unused allowances beyond certain deadlines. All of these measures apply with effect from today. The measures will only apply to capital allowances arising under the various incentive schemes to which I referred earlier and only to persons who are passive investors in the relevant businesses. By that, I mean those who are not actively engaged in the conduct of the respective businesses. These prescriptions are already well understood and are already provided for in a related context in tax law.

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