Part 3Personal reliefs

Chapter 2Personal allowance and blind person's allowance

Personal allowances

35Personal allowance for those F1born after 5 April 1948

F2(1)

An individual who makes a claim is entitled to a personal allowance of F3£8,325 for a tax year if the individual—

F4(a)

was born after 5 April 1948, and

(b)

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.