PART VII GENERAL PROVISIONS RELATING TO TAXATION OF INCOME OF INDIVIDUALS

CHAPTER I PERSONAL RELIEFS

The reliefs

257C Indexation of amounts in sections 257 F1, 257A and 257AB.

(1)

If the retail prices index for the month of F2September preceding a year of assessment is higher than it was for the previous F2September, then, unless Parliament otherwise determines, F3sections 257 F4F5. . . F6, 257A and 257AB shall apply for that year as if for each amount specified in them as they applied for the previous year (whether by virtue of this section or otherwise) there were substituted an amount arrived at by increasing the amount for the previous year by the same percentage as the percentage increase in the retail prices index, and—

(a)

if in the case of an amount specified in sections 257(5) F7, 257A(5) and 257AB(4) the result is not a multiple of £100, rounding it up to the nearest amount which is such a multiple;

(b)

if in the case of any other amount the increase is not a multiple of £10, rounding the increase up to the nearest amount which is such a multiple.

F8(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(2A)

Subsection (1) above shall not require any change to be made in the amounts deductible or repayable under F10PAYE regulations during the period beginning with 6th April and ending with 17th May in the year of assessment.

(3)

The Treasury shall in each year of assessment make an order specifying the amounts which by virtue of subsection (1) above will be treated as specified for the following year of assessment in F3sections 257 F4F5. . . F11, 257A and 257AB.

F12(4)

This section shall have effect in relation to reliefs for the year 1990-91 (as well as for later years);and for that purpose it shall be assumed that sections 257and 257Aapplied for the year 1989-90as they apply, apart from this section, for the year 1990-91.