Regulation 147E Calculation of monthly levy allowanceF1
(1)
This regulation applies where the monthly levy allowance falls to be calculated by a person.
(2)
Subject to regulations 147F and 147G, the monthly levy allowance is an amount equal to—
where—
N is the levy allowance for the tax year, and
P is twelve.
(3)
Subject to regulations 147F and 147G, the monthly cumulative levy allowance is an amount equal to the monthly levy allowance aggregated in accordance with the tax month within the tax year as shown in the table below.
Table 1
| Relevant month in the tax year | Monthly cumulative levy allowance |
|---|---|
| Month 1 | £1,250 |
| Month 2 | £2,500 |
| Month 3 | £3,750 |
| Month 4 | £5,000 |
| Month 5 | £6,250 |
| Month 6 | £7,500 |
| Month 7 | £8,750 |
| Month 8 | £10,000 |
| Month 9 | £11,250 |
| Month 10 | £12,500 |
| Month 11 | £13,750 |
| Month 12 | £15,000 |
Annotations
Textual amendments
- F1
Pt. 7A inserted (6.4.2017) by The Income Tax (Pay As You Earn) (Amendment) Regulations 2017 (S.I. 2017/414), regs. 1, 3