Overlap profitU.K.
F1828Overlap profitU.K.
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Textual Amendments
F1S. 828 omitted (6.4.2024 for the tax year 2024-25 and subsequent tax years) by virtue of Finance Act 2022 (c. 3), Sch. 1 paras. 24, 61(1)
[F2828A Indexation of the fixed amount and the amount per adult and childU.K.
(1)This section provides for increases in the amounts specified in—
(a)section 808(2) (the fixed amount), and
(b)section 811(1A) and (2)(a) and (b) (the amount per adult or child),
if the consumer prices index for the September before the start of a tax year is higher than it was for the previous September.
(2)The amount specified in section 808(2) for the tax year is found as follows—
Step 1: multiply the amount for the previous tax year by the same percentage as the percentage increase in the consumer prices index.
Step 2: if the result of Step 1 is a multiple of £10, it is the increase for the tax year.
If the result of Step 1 is not a multiple of £10, round it up to the nearest amount which is a multiple of £10 and that amount is the increase for the tax year.
Step 3: add the increase for the tax year to the amount for the previous tax year and the result is the amount for the tax year.
(3)The amounts specified in section 811(1A) and (2)(a) and (b) for the tax year are found as follows—
Step 1: multiply the amount for the previous tax year by the same percentage as the percentage increase in the consumer prices index.
Step 2: if the result of Step 1 is a multiple of £5, it is the increase for the tax year.
If the result of Step 1 is not a multiple of £5, round it up to the nearest amount which is a multiple of £5 and that amount is the increase for the tax year.
Step 3: add the increase for the tax year to the amount for the previous tax year and the result is the amount for the tax year.
(4)Before the start of the tax year the Treasury must make an order replacing the amounts specified in the provisions listed in subsection (1) with the amounts which, as a result of this section, are the amounts for the tax year.
(5)In this section “consumer prices index” means the all items consumer prices index published by the Statistics Board.]
Textual Amendments
F2S. 828A inserted (6.4.2023 for the tax year 2023-24 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 28(4)(6)