Income and Corporation Taxes Act 1988

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Income and Corporation Taxes Act 1988

Changes over time for: Section 257

Version Superseded: 06/04/2007

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Point in time view as at 29/04/1996. This version of this provision has been superseded.

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Income and Corporation Taxes Act 1988, Section 257 is up to date with all changes known to be in force on or before 01 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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[F1257 Personal allowance.U.K.

(1)The claimant shall be entitled to a deduction from his total income of [F2£3,005,].

(2)If the claimant F3. . . is at any time within the year of assessment of the age of 65 or upwards, he shall be entitled to a deduction from his total income of [F2£3,670] (instead of the deduction provided for by subsection (1) above).

(3)If the claimant F3. . . is at any time within the year of assessment of the age of [F475] or upwards, he shall be entitled to a deduction from his total income of [F2£3,820] (instead of the deduction provided for by subsection (1) or (2) above).

(4)For the purposes of subsections (2) and (3) above a person who would have been of or over a specified age within the year of assessment if he had not died in the course of it shall be treated as having been of that age within that year.

(5)In relation to a claimant whose total income for the year of assessment exceeds [F2£12,300], subsections (2) and (3) above shall apply as if the amounts specified in them were reduced by [F4one half] of the excess (but not so as to reduce those amounts below that specified in subsection (1) above).]]

Textual Amendments

F1Ss. 257-257F substituted for s. 257 (1990-91 and subsequent years) by Finance Act 1988 (c. 39), s. 33

F2S.I. 1990 No.677, arts.2(1)(3) (in Part III Vol.5)for 1990-91.

F3Words in s. 257(2)(3) repealed (with effect as mentioned in s. 134(2) of the repealing Act) by Finance Act 1996 (c. 8), Sch. 20 para. 13, Sch. 41 Pt. 5(10), Note

F41989 s.33 for 1990-91and subsequent years.

Modifications etc. (not altering text)

C1S. 257 amended (1991-92) by S.I. 1991/732, art. 2(3)

S. 257 amended (1992-93) by S.I. 1992/622, art. 2(3)

S. 257 amounts specified (1993-94) by 1993 c. 34, s. 52 (in place of S.I. 1993/755, art. 2(3))

S. 257 amounts specified (1994-95) by 1994 c. 9, s. 76 (in place of S.I. 1993/2948, art. 2(3))

S. 257(1)(5) amended (1995-96) by S.I. 1994/3012, art. 2(3)(a)(d)

S. 257(2)(3) amended (1995-96) by 1995 c. 4, s. 36 (in place of S.I. 1994/3012, art. 2(3)(b)(c))