Finance Act, 1982
PART I Income Tax, Resource Tax, Corporation Tax and Capital Gains Tax | ||
Chapter I Income Tax | ||
Amendment of provisions relating to exemption from income tax. |
1.—As respects the year 1982-83 and subsequent years of assessment, the Finance Act, 1980 , is hereby amended— | |
(a) in subsection (2) of section 1, by the substitution of “£4,400” for “£4,000” and of “£2,200” for “£2,000”, and | ||
(b) in subsection (6) of section 2, by the substitution of “£5,000” for “£4,600”, of “£6,000” for “£5,600”, of “£2,500” for “£2,300” and of “£3,000” for “£2,800”, | ||
and the said subsections (2) and (6), as so amended, are set out in the Table to this section. | ||
TABLE | ||
(2) 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 section 138 (a) of the Income Tax Act, 1967 , £4,400, and | ||
(b) in any other case, £2,200. | ||
(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, £5,000: | ||
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 £6,000; | ||
(b) in any other case, £2,500: | ||
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 £3,000. |