Finance Act, 1997
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 1997-98 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 “£8,000” and “£4,000”, respectively, for “£7,800” and “£3,900” (inserted by the Finance Act, 1996 ), and | ||
(b) in section 2, by the substitution, in subsection (6) (inserted by the Finance Act, 1989 )— | ||
(i) of “£9,200” and “£10,400”, respectively, for “£9,000” and “£10,200” (inserted by the Finance Act, 1996 ), in paragraph (a), and | ||
(ii) of “£4,600” and “£5,200”, respectively, for “£4,500” and “£5,100” (inserted by the Finance Act, 1996 ), 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 , £8,000, and | ||
(b) in any other case, £4,000. | ||
(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 , £9,200: | ||
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 £10,400, and | ||
(b) in any other case, £4,600: | ||
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 £5,200. |