Section 4 Basic rate limit from 2016

United Kingdom

(1)

The amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced—

(a)

for the tax year 2016-17, with F1“£32,000”, and

(b)

for the tax year 2017-18, with F2“£33,500”.

(2)

Accordingly, for those tax years section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply.

Annotations

F1: Word in s. 4(1)(a) substituted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), s. 6(a)
F2: Word in s. 4(1)(b) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 2(1)