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The Income Tax (Indexation) (No. 2) Order 2008

S.I. 2008/709 · Made 12 March 2008

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 12th March 2008

The Treasury make the following Order in compliance with the duty imposed upon them by section 21(5) of the Income Tax Act 2007f1.

Annotations to the whole text

Footnotes

f1

2007 c. 3.

Contents

  1. 1Citation
  2. 2Indexation of rate limits for tax year 2008-09
  3. Signature
  4. Explanatory note

1Citation

This Order may be cited as the Income Tax (Indexation) Order 2008.

2Indexation of rate limits for tax year 2008-09

The amounts specified in subsections (1) and (2) of section 20 of the Income Tax Act 2007 (the starting rate limit and the basic rate limit) are replaced for the tax year 2008-09 as follows—

(a)

the starting rate limit is £2,320; and

(b)

the basic rate limit is £36,000.

Signature

Alan Campbell

Dave Watts

Two of the Lords Commissioners of Her Majesty’s Treasury

12th March 2008

Explanatory note

(This note is not part of the Order)

This Order replaces the amounts specified in subsections (1) and (2) of section 20 of the Income Tax Act 2007 with the amounts which, as a result of the calculation based on the increase in the retail price index provided for by section 21, will be the starting rate limit and the basic rate limit for the tax year 2008-09.

This Order does not impose any costs on business.