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Explanatory note

Original text. Later amendments are not shown.

(This note is not part of the Order)

This Order increases the coding out limit for deductions in respect of “relevant debts” in section 684(3A) of the Income Tax (Earnings and Pensions) Act 2003 from £3,000 to £17,000. “Relevant debts” are defined in section 684(7AA) and include any debt payable to the Commissioners excluding tax credits.

The amendment made by this Order comes into force on 3rd October 2014 and has effect for deductions made in the tax year 2015-16 and subsequent tax years.

A Tax Information and Impact Note covering this instrument will be published on the HMRC website at http://www.hmrc.gov.uk/thelibrary/tiins.htm.