Finance Act 1985

14 (1) At the time of any operative event, the indexed rise in the indexed pool of expenditure is a sum produced by multiplying the value of the pool immediately before the event by a figure expressed as a decimal and determined, subject to sub-paragraph (2) below, by the formula—

where—

• RE is the retail prices index for the month in which the operative event occurs ; and

• RL is the retail price inedx for the month in which occurred the immediately preceding operative event or, if there has been no such event, in which the indexed pool of expenditure came into being.

(2) If RE, as defined in sub-paragraph (1) above, is equal to or less than RL, as so defined, the indexed rise is nil .

Modifications etc. (not altering text)

C2 Finance Act 1988 (c. 39, SIF63:1, 2), s. 113—paragraphs 11 to 15 not to apply to certain disposals of building society and industrial and provident society shares on or after 4 July 1987. Finance Act 1990 (c. 29,SIF 63:1, 2), s. 54—paras. 1(3), 2. 5, 7(3), 8(1)(b) and (c), 11 to 15, 18, 22 and 23 not to apply to certain building society shares etc. held by collective investment schemes and disposed of on or after 20 March 1990.