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Chapter 2
Income Tax
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Amendment of provisions relating to exemption from income tax.
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2.—As respects the year of assessment 1998-99 and subsequent years of assessment, the Principal Act is hereby amended—
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(a) in section 187, by the substitution, in subsection (1), of “£8,200” and “£4,100”, respectively, for “£8,000” and “£4,000”, and
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(b) in section 188, by the substitution, in subsection (2)—
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(i) of “£10,000” and “£11,000”, respectively, for “£9,200” and “£10,400”, in paragraph (a), and
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(ii) of “£5,000” and “£5,500”, respectively, for “£4,600” and “£5,200”, in paragraph (b),
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and those subsections, as so amended, are set out in the Table to this section.
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TABLE
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(1) In this section, “the specified amount” means, subject to subsection (2)—
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(a) in a case where the individual would apart from this section be entitled to a deduction specified in section 461(a), £8,200, and
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(b) in any other case, £4,100.
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(2) In this section, “the specified amount” means, subject to section 187(2)—
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(a) in a case where the individual would apart from this section be entitled to a deduction specified in section 461(a), £10,000; but, if at any time during the year of assessment either the individual or the spouse of the individual was of the age of 75 years or over, “the specified amount” means £11,000, and
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(b) in any other case, £5,000; but, if at any time during the year of assessment the individual was of the age of 75 years or over, “the specified amount” means £5,500.
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