[F2(1)]An individual who makes a claim is entitled to a personal allowance of [F3£9,740 ] 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.]
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)
F2S. 35(1) renumbered (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
F3Sum in s. 35(1) substituted (with effect in accordance with art. 3 of the amending S.I.) by The Income Tax (Indexation) Order 2013 (S.I. 2013/3088), art. 3(a)
F4S. 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)
F5S. 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)