Finance Act 2002 (c. 23)

Part 3 U.K. Income tax, corporation tax and capital gains tax

Chapter 1 U.K. Charge and rate bands

Income tax U.K.

29 Personal allowances for 2003-04 for those aged 65 or over U.K.

(1) For the year 2003-04—

(a) the amount specified in section 257(2) of the Taxes Act 1988 (personal allowance for those aged between 65 and 74) shall be taken to be £6,610;

(b) the amount specified in section 257(3) of that Act (personal allowance for those aged 75 or over) shall be taken to be the indexed amount plus £240.

In paragraph (b) “the indexed amount” means the amount that would apply by virtue of section 257C(1) of that Act (indexation).

(2) Accordingly, section 257C(1), so far as it relates to the amounts specified in section 257(2) and (3), does not apply for that year (except as it applies for the purposes of subsection (1)(b) above).