Finance Act 2008
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Personal tax credits. |
3.— (1) Where an individual is entitled under a provision of the Principal Act mentioned in column (1) of the Table to this subsection to have the income tax to be charged on the individual, other than in accordance with the provisions of section 16(2) of the Principal Act, reduced for the year of assessment 2008 or any subsequent year of assessment and the amount of the reduction would, but for this section, be an amount which is the lesser of— | ||||||||||||||||||||||||||||||||||
(a) the amount specified in column (2) of that Table, and | |||||||||||||||||||||||||||||||||||
(b) the amount which reduces that liability to nil, | |||||||||||||||||||||||||||||||||||
the amount of the reduction in accordance with paragraph (a) shall be the amount of the tax credit specified in column (3) of the Table. | |||||||||||||||||||||||||||||||||||
TABLE | |||||||||||||||||||||||||||||||||||
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(2) Section 3 (as amended by the Finance Act 2007 ) of the Finance Act 2002 shall have effect subject to the provisions of this section. | |||||||||||||||||||||||||||||||||||
(3) Schedule 1 shall apply for the purposes of supplementing subsection (1). |