Income Tax (Indexation) Order 1992
Jurisdiction | UK Non-devolved |
Citation | SI 1992/622 |
1992 No. 622
INCOME TAX
The Income Tax (Indexation) Order 1992
Made 10th March 1992
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 1992.
2.—(1) The amounts which, unless Parliament otherwise determines, will be treated by virtue of sections 1(4) and 257C(1) of the Income and Corporation Taxes Act 1988 as specified for the year 1992–93 in sections 1(2)2, 257 and 257A3of that Act are set out in paragraphs (2), (3) and (4).
(2) In section 1(2) of the said Act (basic rate limit)—£24,800.
(3) In section 257 of the said Act (personal allowance)—
(a)
(a) in subsection (1) (personal allowance)—£3,445;
(b)
(b) in subsection (2) (personal allowance—age 65 to 74)—£4,200;
(c)
(c) in subsection (3) (personal allowance—age 75 and over)—£4,370;
(d)
(d) in subsection (5) (income limit for age-related allowance)—£14,200.
(4) In section 257A of the said Act (married couple’s allowance)—
(a)
(a) in subsection (1) (married couple’s allowance)—£1,800;
(b)
(b) in subsection (2) (married couple’s allowance—age 65 to 74)—£2,465;
(c)
(c) in subsection (3) (married couple’s allowance—age 75 and over)—£2,505;
(d)
(d) in subsection (5) (income limit for age-related allowances)—£14,200.
Gregory Knight
Thomas Sackville
Two of the Lords Commissioners of Her Majesty’s Treasury
10th March 1992
(This note is not part of the Order)
Sections 1(6) and 257C(3) of the Income and Corporation Taxes Act 1988 (“the Act”) provide that the Treasury shall by order made by statutory instrument before 6th April 1992 specify the amounts which by virtue of those sections shall, unless Parliament otherwise determines, be treated as specified for the year 1992–93. These are the basic rate limit(section 1 of the Act) and the personal and married couple’s allowances (sections 257 and 257A of the Act respectively).
For the year 1991–92, the amount of the basic rate limit in section 1 of the Act was fixed by section 21(1) of the Finance Act 1991 (c. 31); and the amount of the married couple’s allowance in section 257A(1) of the Act was fixed by section 22 of the 1991 Act.
The amounts of personal and married couple’s allowances in sections 257 and 257A of the Act (as substituted by section...
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