# Finance Act 2004, Paragraph 16AC


(1) This paragraph applies for the purposes of paragraph 16AB(4).
(2) “The general limit” at a time in the tax year 2016-17 is £25,000.
(3) “The general limit” at a time in a later tax year (“year T”)—
(a) is given by—
G + ( G × U % )where G is the general limit at times in the tax year (“year P”) that precedes year T, or
(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.
(4) See paragraph 16AE for the meaning of U%.

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Source: https://www.legislation.gov.uk/ukpga/2004/12/schedule/28/paragraph/16AC (the official version)
Page: https://openlegislation.uk/finance-act-2004/schedule-28/paragraph-16AC
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.