Finance Act, 1990
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Amendment of section 100 (market value exemption limit) of Finance Act, 1983 . |
123.— Section 100 of the Finance Act, 1983 , is hereby amended in subsection (1)— | |
(a) by the substitution of the following definition for the definition of “general exemption limit”: | ||
“‘general exemption limit’ means the general market value exemption limit applying on a valuation date, that is to say, the amount obtained by multiplying £65,000 by the new house price index number relevant to that valuation date and dividing the product by the new house price index number relevant to the valuation date falling on the 5th day of April, 1983: | ||
Provided that the amount so obtained shall be rounded up to the next £1,000;”, | ||
and | ||
(b) by the substitution, in the definition of “the new house price index number”, of “31st day of December next” for “31st day of March next”, | ||
and the said definition of “the new house price index number”, as so amended, is set out in the Table to this section. | ||
TABLE | ||
“the new house price index number” means the Trends in Private New House Prices Index Number compiled by the Department of the Environment and the new house price index number relevant to any valuation date means the new house price index number for the three months ended on the 31st day of December next before that valuation date expressed on the basis that the new house price index number for the three months ended on the 31st day of March, 1973, is 100. |