PART 1Income tax, corporation tax and capital gains tax
CHAPTER 1Charge, rates etc
Income tax
4Indexation of limits and allowances under ITA 2007
1
ITA 2007 is amended as follows.
2
In section 21 (indexation of the basic rate limit and starting rate limit for savings)—
a
in each of subsections (1), (3) and (3A), for “retail prices index” substitute “
consumer prices index
”
, and
b
after subsection (5) insert—
6
In this section “consumer prices index” means the all items consumer prices index published by the Statistics Board.
3
In section 57 (indexation of allowances)—
a
in each of subsections (2), (3) and (4), for “retail prices index” substitute “
consumer prices index
”
, and
b
after subsection (6) insert—
7
In this section “consumer prices index” means the all items consumer prices index published by the Statistics Board.
4
The amendments made by subsections (2) and (3) have effect for the tax year 2015-16 and subsequent tax years.