Income Tax (Indexation) Order 1994

JurisdictionUK Non-devolved
CitationSI 1994/3012
Year1994

1994 No. 3012

INCOME TAX

The Income Tax (Indexation) Order 1994

Made 29th November 1994

The Treasury, in pursuance of sections 1(6) and 257C(3) of the Income and Corporation Taxes Act 19881, hereby make the following Order:

S-1 This Order may be cited as the Income Tax (Indexation) Order...

1. This Order may be cited as the Income Tax (Indexation) Order 1994.

S-2 The amounts which, unless Parliament otherwise determines, will...

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 1995-96 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)—£3,100;

(b)

(b) in paragraph (b) (basic rate limit)—£24,300.

(3) In section 257 of the said Act (personal allowance)—

(a)

(a) in subsection (1) (personal allowance)—£3,525;

(b)

(b) in subsection (2) (personal allowance—age 65 to 74)—£4,300;

(c)

(c) in subsection (3) (personal allowance—age 75 and over)—£4,470;

(d)

(d) in subsection (5) (income limit for age-related allowances)—£14,600.

(4) In subsection (5) of section 257A of the said Act (married couple’s allowance—income limit for age-related allowances)—£14,600.

Timothy Kirkhope

Tim Wood

Two of the Lords Commissioners of Her Majesty’s Treasury

29th November 1994

(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 1995 specify the amounts which by virtue of those sections shall, unless Parliament otherwise determines, be treated as specified for the year 1995-96. 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 1995-96 year of assessment.

The amounts of the lower rate limit and basic rate limit were fixed for the year 1994-95 by section 75(2) of the Finance Act 1994.

For the year 1994-95, sections 257 and 257A(5) of the Act applied, by virtue of sections 76 and 78 of the 1994 Act respectively, as if the amounts specified in them were the same as the amounts specified in them as they applied for the year 1993-94. By virtue of section 52 of the Finance Act 1993, sections 257 and 257A(5) of the Act applied for the year 1993-94 as if the amounts specified in them were the same as the amounts specified in them for the year 1992-93. Those amounts were specified in the Income Tax (Indexation) Order 1992 (S.I. 1992/622).

The relevant amounts for the purposes of subsections (1), (2) and (3) of section 257A of the Act were specified, for the year...

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