4. Personal allowances for 2015-2016

Part of Amendment of the Law – in the House of Commons at 9:39 pm on 23rd March 2015.

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(1) Section 2 of the Finance Act 2014 (basic rate limit for 2015-16 and personal allowances from 2015) is amended as set out in paragraphs (2) and (3).

(2) In subsection (1)(b) (amount specified for 2015-16 in section 35(1) of the Income Tax Act 2007 (personal allowance for those born after 5 April 1938)), for ““£10,500”” substitute ““£10,600””.

(3) In subsection (8) (amendments of section 57 of the Income Tax Act 2007), omit the “and” at the end of paragraph (a) and after that paragraph insert—

“(aa) in subsection (1)(h), omit “36(2),”, and”.

(4) In section 55B(4)(a) of the Income Tax Act 2007 (transferable tax allowance for married couples and civil partners: entitlement to tax reduction), for “£1,050” substitute “£1,060”.

(5) The amendments made by paragraphs (3) and (4) have effect for the tax year 2015-16 and subsequent tax years.

And it is 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.