Finance Act, 1992
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Amendment of section 101 (income exemption limit) of Finance Act, 1983. |
220.— Section 101 of the Finance Act, 1983 , is hereby amended— | |
(a) by the substitution in subsection (2) (inserted by the Finance Act, 1990 ) of “£27, 500” for “£20,000” and of “1992” for “1983”, and | ||
(b) by the substitution in subsection (3) of “1989” for “1982”, | ||
and the said subsections (2) and (3), as so amended, are set out in the Table to this section. | ||
TABLE | ||
(2) The income exemption limit applying on a valuation date is the amount obtained by multiplying £27,500 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, 1992: | ||
Provided that the amount so obtained shall be rounded up to the next £100. | ||
(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 the valuation date expressed on the basis that the consumer price index at mid-November, 1989, is 100. |