Finance Act, 1988
PART I Income Tax, Corporation Tax, Capital Gains Tax and Pension Fund Levy | ||
Chapter I Income Tax | ||
Amendment of provisions relating to exemption from income tax. |
1.—As respects the year 1988-89 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended— | |
(a) in subsection (2) of section 1, by the substitution of “£5,500” for “£5,300” (inserted by the Finance Act, 1985 ), and of “£2,750” for “£2,650” (inserted by the Finance Act, 1985 ), and | ||
(b) in subsection (6) of section 2, by the substitution of “£6,500” for “£6,300” (inserted by the Finance Act, 1986 ), of “£7,600” for “£7,350” (inserted by the Finance Act, 1986 ), of “£3,250” for “£3,150” (inserted by the Finance Act, 1986 ), and of “£3,800” for “£3,675” (inserted by the Finance Act, 1986 ), | ||
and the said subsections (2) and (6), as so amended, are set out in the Table to this section. | ||
TABLE | ||
(2) 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 section 138 (a) of the Income Tax Act, 1967 , £5,500, and | ||
(b) in any other case, £2,750. | ||
(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, £6,500: | ||
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 £7,600; | ||
(b) in any other case, £3,250: | ||
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 £3,800. |