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Finance Act 1989
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Changes over time for: Paragraph 4
Version Superseded: 06/04/2006
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- 01/02/1991- Amendment
- 06/04/2003
Point in time - 06/04/2006- Amendment
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4(1)The following section shall be inserted after section 640—U.K.
“640A Earnings cap.
(1)In arriving at an individual’s net relevant earnings for a year ofassessment for the purposes of section 640 above, any excess of what would behis net relevant earnings for the year (apart from this subsection) over theallowable maximum for the year shall be disregarded.
(2)In subsection (1) above “the allowable maximum” means, as regards a particular yearof assessment, the figure found for that year by virtue of subsections (3) and(4) below.
(3)For the year of assessment 1989-90 the figure is £60,000.
(4)For the year of assessment 1990-91 and any subsequent year of assessmentthe figure is the figure found for that year, for the purposes of section590C, by virtue of section 590C(4) and (5).”
(2)This paragraph shall have effect for the year 1989-90 and subsequent yearsof assessment.
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