Finance Act, 1986

PART I

Income Tax, Corporation Tax and Capital Gains Tax

Chapter I

Income Tax

Amendment of section 2 (age exemption) of Finance Act, 1980.

1.— Section 2 of the Finance Act, 1980 , is hereby amended, as respects the year 1986-87 and subsequent years of assessment, by the substitution in subsection (6) of “£6,300” for “£6,000” (inserted by the Finance Act, 1985 ), of “£7,350” for “£7,000” (inserted by the Finance Act, 1985 ), of “£3,150” for “£3,000” (inserted by the Finance Act, 1985 ) and of “£3,675” for “£3,500” (inserted by the Finance Act, 1985 ), and the said subsection (6), as so amended, is set out in the Table to this section.

TABLE

(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, £6,300:

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 £7,350;

(b) in any other case, £3,150:

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 £3,675.