20(1) No claim shall be made under section 242 or 243 of the Taxes Act 1988 (set off of losses etc. against surplus of franked investment income) for any accounting period beginning on or after 2nd July 1997; and section 244(1) of that Act shall cease to have effect accordingly.
20(2)Sections 242(5) and (6) and 243(4) of the Taxes Act 1988 (restoration of loss etc. in later accounting period for which there is a surplus of franked payments) shall not have effect where the later accounting period mentioned in section 242(5)(b) begins on or after 2nd July 1997.
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