Finance Act, 1982

PART I

Income Tax, Resource Tax, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax

Amendment of provisions relating to exemption from income tax.

1.—As respects the year 1982-83 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended—

(a) in subsection (2) of section 1, by the substitution of “£4,400” for “£4,000” and of “£2,200” for “£2,000”, and

(b) in subsection (6) of section 2, by the substitution of “£5,000” for “£4,600”, of “£6,000” for “£5,600”, of “£2,500” for “£2,300” and of “£3,000” for “£2,800”,

and the said subsections (2) and (6), as so amended, are set out in the Table to this section.

TABLE

(2) In this section “the specified amount” means—

(a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138 (a) of the Income Tax Act, 1967 , £4,400, and

(b) in any other case, £2,200.

(6) In this section “the specified amount” means—

(a) in a case where the individual would, apart from this section, be entitled to a deduction specified in paragraph (a) of the said section 138, £5,000:

Provided that, if at any time during the year of assessment either the individual or his spouse was of the age of seventy-five years or upwards, “the specified amount” means £6,000;

(b) in any other case, £2,500:

Provided that, if at any time during the year of assessment the individual was of the age of seventy-five years or upwards, “the specified amount” means £3,000.