Section 35 Personal allowanceF5

United Kingdom

An individual who makes a claim is entitled to a personal allowance of F2£12,570 for a tax year if the individual F3meets the requirements of section 56 (residence etc).

F4(2)

For an individual whose adjusted net income exceeds £100,000, the allowance under subsection (1) is reduced by one-half of the excess.

(3)

If the amount of any allowance that remains after the operation of subsection (2) would otherwise not be a multiple of £1, it is to be rounded up to the nearest amount which is a multiple of £1.

(4)

For the meaning of “adjusted net income” see section 58.

Annotations

Textual amendments

F1: S. 35(1) renumbered (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
F2: Sum in s. 35(1) specified (1.2.2021 with effect for the tax year 2021-22) by The Income Tax (Indexation) Order 2021 (S.I. 2021/111), art. 3(a)
F3: Words in s. 35 substituted for s. 35(a)(b) (with effect in accordance with s. 5(11) of the amending Act) by Finance Act 2015 (c. 11), s. 5(4)(a)
F4: S. 35(2)-(4) inserted (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
F5: S. 35 heading substituted (with effect in accordance with s. 5(11) of the amending Act) by Finance Act 2015 (c. 11), s. 5(4)(b)

Modifications

C1: S. 35(1): sum specified (for the tax years 2022-23, 2023-24, 2024-25 and 2025-26) by Finance Act 2021 (c. 26), s. 5(2)