Section 228 Annual allowance

United Kingdom

(1)

F1F2The annual allowance for the tax year 2023-24 and, subject to subsection (2), each subsequent tax year is £60,000.

(2)

The Treasury may by order provide that the annual allowance for any tax year subsequent to the tax year F32023-24 is such amount as is specified in the order.

Annotations

Textual amendments

F1: S. 228(1) substituted (with effect in accordance with s. 49(4) of the amending Act) by Finance Act 2013 (c. 29), s. 49(2)
F2: S. 228(1) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 20(2)
F3: Word in s. 228(2) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), s. 20(3)