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Amendment of section 102 (marginal reliefs) of Act of 1983.
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120.—Section 102 of the Act of 1983 is hereby amended in subsection (1)—
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(a) by the substitution of “£10,000” for “£5,000” and of “10,000” for “5,000” in the formula, and
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(b) by the addition of the following provisos:
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“Provided that—
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(a) where, in relation to a valuation date, a unit of residential property is comprised in the relevant residential property of one or more persons and any of those persons has attained the age of 65 years, “£15,000” shall be substituted for “£10,000” and “15,000” shall be substituted for “10,000” in the formula, and
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(b) where the amount of the aggregate relevant income is not a multiple of £1,000, it shall, for the purposes of relief under this section, be rounded down to the next £1,000.”,
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and the said subsection (1), as so amended, is set out in the Table to this section.
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TABLE
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(1) Where an assessable person makes a claim in that behalf and proves that his aggregate relevant income as respects any valuation date does not exceed an amount equal to the aggregate of the income exemption limit applying on that valuation date and £10,000, he shall be entitled to have the tax, if any, payable by him in respect of the net market value of his relevant residential property on that valuation date reduced to an amount equal to the amount determined by the formula—
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where—
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A is the amount of the aggregate relevant income,
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E is the income exemption limit, and
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T is the tax which, apart from this subsection and subsection (2), would be payable:
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Provided that—
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(a) where, in relation to a valuation date, a unit of residential property is comprised in the relevant residential property of one or more persons and any of those persons has attained the age of 65 years, “£15,000” shall be substituted for “£10,000” and “15,000” shall be substituted for “10,000” in the formula, and
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(b) where the amount of the aggregate relevant income is not a multiple of £1,000, it shall, for the purposes of relief under this section, be rounded down to the next £1,000.
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