Finance Act, 1995
PART I Income Tax Corporation Tax and Capital Gains Tax | ||
Chapter I Income Tax | ||
Amendment of provisions relating to exemption from income tax. |
1.—As respects the year of assessment 1995-96 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended— | |
(a) in section 1, by the substitution, in subsection (2) (inserted by the Finance Act, 1989 ), of “£7,400” and “£3,700”, respectively, for “£7,200” and “£3,600” (inserted by the Finance Act, 1993 ), and | ||
(b) in section 2, by the substitution, in subsection (6) (inserted by the Finance Act, 1989 )— | ||
(i) of “£8,600” and “£9,800”, respectively, for “£8,200” and “£9,400” (inserted by the Finance Act, 1993 ), in paragraph (a), and | ||
(ii) of “£4,300” and “£4,900”, respectively, for “£4,100” and “£4,700” (inserted by the Finance Act, 1993 ), in paragraph (b), | ||
and the said subsection (2) of the said section 1 and the said subsection (6) of the said section 2, as so amended, are set out in the Table to this section. | ||
TABLE | ||
(2) In this section “the specified amount” means, subject to subsection (3)— | ||
(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 , £7,400, and | ||
(b) in any other case, £3,700. | ||
(6) In this section “the specified amount” means, subject to subsection (3) of section 1— | ||
(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 , £8,600: | ||
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 £9,800, and | ||
(b) in any other case, £4,300: | ||
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 £4,900. |