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Income exemption limit.
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101.—(1) Where an assessable person makes a claim in that behalf and proves that the aggregate of his income for the year ending on a valuation date and the income for that year of every person who, as respects that valuation date, is a relevant person in relation to the assessable person (hereafter in this Part referred to as “aggregate relevant income”) did not exceed the income exemption limit applying on that valuation date, he shall be entitled to exemption from tax in respect of the net market value on that valuation date of his relevant residential property.
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(2) The income exemption limit applying on a valuation date is the amount obtained by multiplying £20,000 by the consumer price index number relevant to that valuation date and dividing the product by the consumer price index number relevant to the valuation date falling on the 5th day of April, 1983.
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(3) In this section “the consumer price index number” means the All Items Consumer Price Index Number compiled by the Central Statistics Office and the consumer price index number relevant to any valuation date means the consumer price index number at the mid-February next before that valuation date expressed on the basis that the consumer price index at mid-November, 1982, is 100.
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