Income Tax (Indexation) Order 2002

Cited as:SI 2002/707
Jurisdiction:UK Non-devolved

2002No. 707

INCOME TAX

The Income Tax (Indexation) Order 2002

15thMarch2002

The Treasury, in pursuance of sections 1(6) and 257C(3) of the Income and Corporation Taxes Act 1988( 1), hereby make the following Order:

1. This Order may be cited as the Income Tax (Indexation) Order 2002.

2. - (1) The amounts which, unless Parliament otherwise determines, will be treated by virtue of sections 1(4)( 2) , 257C(1) and 265(1A) of the Income and Corporation Taxes Act 1988 as specified for the year 2002-03 in sections 1(2)( 3), 257AA(2)( 4) and 265( 5) of that Act are set out in paragraphs (2), (3) and (4).

(2) In section 1(2) of that Act (the charge to income tax) -

(a) in paragraph (aa) (starting rate limit) -£ 1,920;(b) in paragraph (b) (basic rate limit) -£ 29,900.

(3) In section 257AA(2) of that Act (children's tax credit) -£ 5,290.

(4) In section 265(1) of that Act (blind person's allowance) -£ 1,480.

Tony McNulty

Graham Stringer

Two of the Lords Commissioners of Her Majesty's Treasury

15th March 2002

EXPLANATORY NOTE

(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 2002 specify the amounts which by virtue of those sections shall, unless Parliament otherwise determines, be treated as specified for the year 2002-03.

This Order specifies the relevant amounts for the purposes of section 1(2) (starting rate and basic rate limits), section 257AA (children's tax credit) and section 265(1) (blind person's allowance) of the Act for the year 2002-03. The relevant amounts for the purposes of section 257 (personal allowances) and section 257A (married couple's allowances for those born before 6th April 1935) were specified by the Income Tax (Indexation) (No. 2) Order 2001 (S.I. 2001/3773).

The relevant amounts for the purposes of sections 1(2) (basic rate limit) and 265(1) (blind person's allowance) of the Act were specified for the year 2001-02 by the Income Tax (Indexation) Order 2001 (S.I. 2001/638).

The relevant amount for the purpose of section 1(2) (starting rate limit) of the Act was specified for the year 2001-02 by section 51 of the Finance Act 2001.

The relevant amount for the purpose of section 257AA(2) (children's tax credit) of the Act was specified for the year 2001-02 by section 52 of the Finance Act 2001.

Following the amendments to sections 1(4)...

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