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Version Superseded: 26/03/2015
Point in time view as at 10/12/2014.
There are currently no known outstanding effects for the Income Tax Act 2007, Cross Heading: Personal allowances.
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[F3(1)]An individual who makes a claim is entitled to a personal allowance of [F4£10,000] for a tax year if the individual—
[F5(a)was born after 5 April [F61938], and]
(b)meets the requirements of section 56 (residence etc).
[F7(2)For an individual whose adjusted net income exceeds £100,000, the allowance under subsection (1) is reduced by one-half of the excess.
(3)If the amount of any allowance that remains after the operation of subsection (2) would otherwise not be a multiple of £1, it is to be rounded up to the nearest amount which is a multiple of £1.
(4)For the meaning of “adjusted net income” see section 58.]
Textual Amendments
F1Words in s. 35 heading substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(2)(b)
F2Word in s. 35 heading substituted (with effect in accordance with s. 2(9) of the amending Act) by Finance Act 2014 (c. 26), s. 2(4)(b)
F3S. 35(1) renumbered (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
F4Sum in s. 35(1) substituted (with effect in accordance with s. 1(1) of the amending Act) by Finance Act 2014 (c. 26), s. 1(3)(b)
F5S. 35(1)(a) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(2)(a)
F6Word in s. 35(1)(a) substituted (with effect in accordance with s. 2(9) of the amending Act) by Finance Act 2014 (c. 26), s. 2(4)(a)
F7S. 35(2)-(4) inserted (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F8Words in s. 36 heading substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(3)(d)
F9S. 36 omitted (with effect in accordance with s. 2(9) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 2(5)
[F11(1)An individual who makes a claim is entitled to a personal allowance of £10,660, or (if greater) the section 35 amount, for a tax year if the individual—
(a)was born before 6 April 1938, and
(b)meets the requirements of section 56 (residence etc).]
(2)[F12If the allowance under subsection (1) is greater than the section 35 amount, for] an individual whose adjusted net income for the tax year exceeds [F13£27,400], the allowance under subsection (1)—
(a)is reduced by [F14an amount equal to half of that excess income], but
(b)is not reduced below [F15the [F16section 35 amount].]
[F17(2A)In this section “the section 35 amount” means the amount of any allowance to which the individual would be entitled under section 35 for the tax year if the individual had been born after 5 April 1948.]
(3)For the meaning of “adjusted net income” see section 58.
Textual Amendments
F10Words in s. 37 heading substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(d)
F11S. 37(1) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(a)
F12Words in s. 37(2) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(b)(i)
F13Sum in s. 37(2) substituted (10.12.2014) by The Income Tax (Indexation) Order 2014 (S.I. 2014/3273), art. 2(e)
F14Words in s. 37(2)(a) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(b)(ii)
F15Words in s. 37(2)(b) substituted (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(2)
F16Words in s. 37(2)(b) substituted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(b)(iii)
F17S. 37(2A) inserted (17.7.2012) (with effect in accordance with s. 1(8) of the amending Act) by Finance Act 2012 (c. 14), s. 4(4)(c)
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