{
  "url": "https://openlegislation.uk/finance-act-2004/schedule-28/paragraph-16AC",
  "json_url": "https://openlegislation.uk/finance-act-2004/schedule-28/paragraph-16AC.json",
  "legislation": "ukpga/2004/12",
  "legislation_title": "Finance Act 2004",
  "legislation_url": "https://openlegislation.uk/finance-act-2004",
  "path": "schedule/28/paragraph/16AC",
  "kind": "paragraph",
  "number": "16AC",
  "heading": null,
  "text": "(1) This paragraph applies for the purposes of paragraph 16AB(4).\n(2) “The general limit” at a time in the tax year 2016-17 is £25,000.\n(3) “The general limit” at a time in a later tax year (“year T”)—\n(a) is given by—\nG + ( G × U % )where G is the general limit at times in the tax year (“year P”) that precedes year T, or\n(b) if the amount given by paragraph (a) is not a multiple of £100, is that amount rounded up to the nearest amount that is such a multiple.\n(4) See paragraph 16AE for the meaning of U%.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 28 paras. 16A-16C inserted (6.4.2006) by Finance Act 2005 (c. 7), Sch. 10 paras. 28, 64(1)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Sch. 28 paras. 16AA-16AE inserted (with effect in accordance with s. 21(6)(7)(8)(a) of the amending Act) by Finance Act 2016 (c. 24), s. 21(3)(6)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2004/12/schedule/28/paragraph/16AC",
    "retrieved_at": "2026-10-29T09:17:16.113356+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}