Income Tax Act 2007

35 [F1 Personal allowance] U.K.

[F2 (1)] An individual who makes a claim is entitled to a personal allowance of [F3 £12,570] for a tax year if the individual [F4 meets the requirements of section 56 (residence etc).]

[F5 (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

F1 S. 35 heading substituted (with effect in accordance with s. 5(11) of the amending Act) by Finance Act 2015 (c. 11), s. 5(4)(b)

F2 S. 35(1) renumbered (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)

F3 Sum in s. 35(1) specified (1.2.2021 with effect for the tax year 2021-22) by The Income Tax (Indexation) Order 2021 (S.I. 2021/111), art. 3(a)

F4 Words in s. 35 substituted for s. 35(a)(b) (with effect in accordance with s. 5(11) of the amending Act) by Finance Act 2015 (c. 11), s. 5(4)(a)

F5 S. 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)

Modifications etc. (not altering text)

C1 S. 35(1): sum specified (for the tax years 2022-23, 2023-24, 2024-25 and 2025-26) by Finance Act 2021 (c. 26), s. 5(2)