Finance Act, 1986
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PART I Income Tax, Corporation Tax and Capital Gains Tax | ||
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Chapter I Income Tax | ||
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Amendment of section 2 (age exemption) of Finance Act, 1980. |
1.— Section 2 of the Finance Act, 1980 , is hereby amended, as respects the year 1986-87 and subsequent years of assessment, by the substitution in subsection (6) of “£6,300” for “£6,000” (inserted by the Finance Act, 1985 ), of “£7,350” for “£7,000” (inserted by the Finance Act, 1985 ), of “£3,150” for “£3,000” (inserted by the Finance Act, 1985 ) and of “£3,675” for “£3,500” (inserted by the Finance Act, 1985 ), and the said subsection (6), as so amended, is set out in the Table to this section. | |
TABLE | ||
(6) In this section “the specified amount” means— | ||
(a) in a case where the individual would, apart from this section, be entitled to a deduction specified in paragraph (a) of the said section 138, £6,300: | ||
Provided that, if at any time during the year of assessment either the individual or his spouse was of the age of seventy-five years or upwards, “the specified amount” means £7,350; | ||
(b) in any other case, £3,150: | ||
Provided that, if at any time during the year of assessment the individual was of the age of seventy-five years or upwards, “the specified amount” means £3,675. |