Chwilio Deddfwriaeth

Finance Act 2015

Section 3: Personal Allowances for 2015-16

Summary

1.This section sets the income tax personal allowance for 2015-16 for those born after 5 April 1938 at £10,600 and the amount of the transferable allowance for married couples and civil partners at £1,060.

Details of the Section

2.Subsection (2) sets the amount of the personal allowance for those born after 5 April 1938 at £10,600.

3.Subsection (3) makes an amendment to the indexation provisions on the omission of the personal allowance for those born after 5 April 1938 but before 6 April 1948 with effect from 2015-16.

4.Subsection (4) sets the amount of the transferable tax allowance for married couples and civil partners at £1,060

5.Subsection (5) provides that the amendments made by subsections (3) and (4) have effect for the 2015-16 tax year and subsequent tax years.

Background Note

6.Finance Act 2014 provides that from 2015-16 there are two personal allowances available by reference to an individual’s date of birth: one for those born after 5 April 1938 and one for those born before 6 April 1938. It also set the amount of the personal allowance for those born after 5 April 1938 at £10,500 for 2015-16, which this section increases to £10,600.

7.Finance Act 2014 inserted sections 55A to 55E into the Income Tax Act 2007 which provide for the transferable tax allowance for married couples and civil partners, effective from 2015-16. These provisions set the transferable amount at £1,050 for 2015-16 and 10% of the personal allowance for those born after 5 April 1938 thereafter. This section substitutes £1,060 for £1,050 for the transferable amount for 2015-16.

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