16. Income Tax (Alteration of Personal Reliefs)

Part of Budget Resolutions and Economic Situation – in the House of Commons at 12:00 am on 12th April 1976.

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Motion made, and Question, That—(1) In section 8(1A) and (IB) of the Income and Corporation Taxes Act 1970 for "£1,425", "£950" and "£3,000" there shall be substituted "£1,555", "£1,010" and "£3,250" respectively.(2) In section 10(3) of that Act (children)—

  1. (a) in paragraph (a) (child over 16) for "£305" there shall be substituted "£365";
  2. (b) in paragraph (b) (child over 11 but not over 16) for "£275" there shall be substituted "£335";
  3. (c) in paragraph (c) (child not over 11) for "£240" there shall be substituted "£300";
but this Resolution shall not require any change to be made in the amounts deductible or repayable under section 204 of the said Act of 1970 (pay as you earn) before 5th June 1976.And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.—[Mr. Healey.]