Income Tax (Indexation) Order 1995
| Jurisdiction | UK Non-devolved |
| Citation | SI 1995/3031 |
1995 No. 3031
INCOME TAX
The Income Tax (Indexation) Order 1995
Made 28th November 1995
The Treasury, in pursuance of sections 1(6) and 257C(3) of the Income and Corporation Taxes Act 19881, hereby make the following Order:
1. This Order may be cited as the Income Tax (Indexation) Order 1995.
2.—(1) The amounts which, unless Parliament otherwise determines, will be treated by virtue of sections 1(4)2and 257C(1) of the Income and Corporation Taxes Act 1988 as specified for the year 1996 – 97 in sections 1(2)3, 257 and 257A4of that Act are set out in paragraphs (2), (3) and (4).
(2) In subsection (2) of section 1 of the said Act (the charge to income tax)—
(a)
(a) in paragraph (aa) (lower rate limit)— £3,400;
(b)
(b) in paragraph (b) (basic rate limit)— £25,300.
(3) In section 257 of the said Act (personal allowance)—
(a)
(a) in subsection (1) (personal allowance)— £3,665;
(b)
(b) in subsection (2) (personal allowance— age 65 to 74) — £4,810;
(c)
(c) in subsection (3) (personal allowance— age 75 and over)— £4,990;
(d)
(d) in subsection (5) (income limit for age-related allowances) — £15,200.
(4) In section 257A of the said Act (married couple’s allowance) —
(a)
(a) in subsection (1) (married couple’s allowance)— £1,790;
(b)
(b) in subsection (2) (married couple’s allowance— age 65 to 74)— £3,115;
(c)
(c) in subsection (3) (married couple’s allowance— age 75 and over)— £3,155;
(d)
(d) in subsection (5) (income limit for age-related allowances) — £15,200.
Derek Conway
Simon Burns
Two of the Lords Commissioners of Her Majesty’s Treasury
28th November 1995
(This note is not part of the Order)
Sections 1(6) and 257C(3) of the Income and Corporation Taxes Act 1988 (“the Act”) operate to provide that the Treasury shall by order made by statutory instrument before 6th April 1996 specify the amounts which by virtue of those sections shall, unless Parliament otherwise determines, be treated as specified for the year 1996 – 97. These are the lower rate and basic rate limits (section 1 of the Act) and the personal and married couple’s allowances (sections 257 and 257A of the Act respectively).
This Order specifies the relevant amounts for the 1996 – 97 year of assessment.
The amount of the lower rate limit was specified for the year 1995 – 96 by section 35(2) of the Finance Act 1995 (c. 4); and the amount of the basic rate limit was specified for that year by the Income Tax (Indexation) Order 1994 ( S.I. 1994/3012) (“the 1994 Order”).
For the year 1995 – 96, the relevant amounts for the purposes of subsections (1) and (5) of section 257 of the Act were specified by the 1994 Order, and those for the purposes of subsections (2) and (3) of that section by section 36 of the Finance Act 1995.
The relevant amounts for the purposes of subsections (1), (2) and (3) of section 257A of the Act were specified, for the year 1994 – 95, by section 77(2) of the...
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