4(1)The following section shall be inserted after section 640—
“640AEarnings cap
(1)In arriving at an individual’s net relevant earnings for a year of assessment for the purposes of section 640 above, any excess of what would be his net relevant earnings for the year (apart from this subsection) over the allowable maximum for the year shall be disregarded.
(2)In subsection (1) above “the allowable maximum” means, as regards a particular year of 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 assessment the figure is the figure found for that year, for the purposes of section 590C, by virtue of section 590C(4) and (5).”
(2)This paragraph shall have effect for the year 1989-90 and subsequent years of assessment.