[F2[F3(1)An individual who makes a claim is entitled to a personal allowance of £10,660, or (if greater) the section 35 amount, for a tax year if the individual—
(a)was born before 6 April 1938, and
(b)meets the requirements of section 56 (residence etc).]
(2)[F4If the allowance under subsection (1) is greater than the section 35 amount, for] an individual whose adjusted net income for the tax year exceeds [F5£27,700], the allowance under subsection (1)—
(a)is reduced by [F6an amount equal to half of that excess income], but
(b)is not reduced below [F7the [F8section 35 amount].]
[F9(2A)In this section “the section 35 amount” means the amount of any allowance to which the individual would be entitled under section 35 for the tax year if the individual had been born after 5 April 1948.]
(3)For the meaning of “adjusted net income” see section 58.]
Textual Amendments
F1Words in s. 37 heading substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(d)
F2S. 37 omitted (26.3.2015 for the tax year 2016-17 and subsequent tax years) by virtue of Finance Act 2015 (c. 11), s. 5(5)(11)
F3S. 37(1) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(a)
F4Words in s. 37(2) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(b)(i)
F5Sum in s. 37(2) substituted (26.3.2015 for the tax year 2015-16) by Finance Act 2015 (c. 11), s. 2(1)(a)
F6Words in s. 37(2)(a) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(b)(ii)
F7Words in s. 37(2)(b) substituted (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(2)
F8Words in s. 37(2)(b) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(b)(iii)
F9S. 37(2A) inserted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(c)