(1) The Principal Act is amended by inserting the following Chapter after Chapter 2 of Part 15:

"Chapter 2A Limitation on amount of certain reliefs used by certain high income individuals.

Interpretation (Chapter 2A).

485C.

(1) In this Chapter and Schedule 25B, except where the context otherwise requires -

'adjusted income', in relation to a tax year and an individual, means the amount determined by the formula -

(T + S) – R

where -

T is the amount of the individual's taxable income for the tax year determined on the basis that this Chapter, other than section 485F, does not apply to the individual for that year,

S is the aggregate of the specified reliefs for the tax year, and

R is the amount of the individual's ring-fenced income, if any, for the tax year;

'aggregate of the specified reliefs', in relation to a tax year and an individual, means the aggregate of the amounts of specified reliefs used by the individual in respect of the tax year;

'amount of specified relief', in relation to a specified relief used by an individual in respect of a tax year, means the amount of the specified relief used by the individual in respect of the tax year determined by reference to the entry in column (3) of Schedule 25B opposite the reference to the specified relief concerned in column (2) of that Schedule;