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The Income Tax (Indexation) (No. 2) Order 1999

S.I. 1999/3038 · Made 9 November 1999

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

INCOME TAX

Made 9th November 1999

The Treasury, in pursuance of section 257C(3) of the Income and Corporation Taxes Act 1988f1, hereby make the following Order:

Annotations to the whole text

Footnotes

f1

1988 c. 1. Sections 257 to 257F were substituted for section 257 by section 33 of the Finance Act 1988 (c. 39) with effect for the year 1990–91 and subsequent years of assessment. Section 257C was amended by Part IV of Schedule 19 to the Finance Act 1990 (c. 29), section 107(3) of, and Part III(10) of Schedule 23 to, the Finance Act 1993 (c. 34), and section 25(3) of the Finance Act 1999 (c. 16).

Contents

  1. 1Article 1
  2. 2Article 2
  3. Signature
  4. Explanatory note

1

This Order may be cited as the Income Tax (Indexation) (No. 2) Order 1999.

2

The amount which, unless Parliament otherwise determines, will be treated by virtue of section 257C(1) of the Income and Corporation Taxes Act 1988 as specified for the year 2000–01 in section 257(1) of that Act (personal allowance) is £4,385.

Signature

Bob Ainsworth

Jim Dowd

Two of the Lords Commissioners of Her Majesty’s Treasury

9th November 1999

Explanatory note

(This note is not part of the Order)

Section 257C(3) of the Income and Corporation Taxes Act 1988 (“the Act”) operates to provide that the Treasury shall by order made by statutory instrument before 6th April 2000 specify the amount which by virtue of that section shall, unless Parliament otherwise determines, be treated as specified for the purpose of section 257(1) of the Act (personal allowance for persons under 65) for the year of assessment 2000–01. This Order specifies that amount as £4,385.

Following the amendments to section 257C(1) of the Act made by section 107(3) of the Finance Act 1993, the amount specified by the Income Tax (Indexation) (No. 2) Order 1998 (S.I. 1998/2704) for the year of assessment 1999–00 for the purpose of section 257(1) of the Act is increased by this Order in accordance with the percentage increase in the retail prices index for September 1999 over that for September 1998. The increase has been rounded up to the nearest £10 in accordance with section 257C(1)(b) of the Act.

The “retail prices index” is defined in section 833(2) of the Act, as amended by paragraph 22 of Schedule 2 to the Transfer of Functions (Registration and Statistics) Order 1996 (S.I. 1996/273), as the “general index of retail prices (for all items) published by the Office for National Statistics”. The retail prices index for September 1998 is 164.4 and for September 1999 166.2 (based on January 1987 as 100).