PART 1Income tax, corporation tax and capital gains tax
CHAPTER 1Charge, rates etc
Income tax
2Basic rate limit for 2015-16 and personal allowances from 2015
1
For the tax year 2015-16—
a
the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “£31,785”, and
b
the amount specified in section 35(1) (personal allowance) is replaced with “£10,500”.
2
Accordingly, for that tax year—
a
section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply, and
b
section 57 (indexation of allowances), so far as relating to the amount specified in section 35(1), does not apply.
3
In section 34(1)(a) of that Act (introduction), omit “, 36”.
4
In section 35 of that Act (personal allowance for those born after 5 April 1948)—
a
in subsection (1)(a), for “1948” substitute “1938”, and
b
in the heading, for “1948” substitute “1938”.
5
Omit section 36 of that Act (personal allowance for those born after 5 April 1938 but before 6 April 1948).
6
In section 45(4)(b) of that Act (marriages before 5 December 2005), omit “36(2) or”.
7
In section 46(4)(b) of that Act (marriages and civil partnerships on or after 5 December 2005), omit “36(2) or”.
8
In section 57 of that Act (indexation of allowances)—
a
in subsection (1)(a), for “1948” substitute “1938”, and
b
in subsection (4) omit “36(2),”.
9
The amendments made by subsections (3) to (8) have effect for the tax year 2015-16 and subsequent tax years.