35Personal allowance for those aged under 65U.K.
[F1(1)]An individual who makes a claim is entitled to a personal allowance of [F2£6,785] for a tax year if the individual—
(a)is under the age of 65 throughout the tax year, and
(b)meets the requirements of section 56 (residence etc).
[F3(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
F1S. 35(1) renumbered (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
F2Word in s. 35(1) substituted (2.12.2010 for tax year 2011-2012) by The Income Tax (Indexation) Order 2010 (S.I. 2010/2879), art. 4(a)
F3S. 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)