Finance Act 2021

5 Basic rate limit and personal allowance for future tax years

(1) For the tax years 2022-23, 2023-24, 2024-25 and 2025-26, the amount specified in section 10(5) of ITA 2007 (basic rate limit) is “£37,700”.

(2) For the tax years 2022-23, 2023-24, 2024-25 and 2025-26, the amount specified in section 35(1) of ITA 2007 (personal allowance) is “£12,570”.

(3) Accordingly—

(a) section 21 of ITA 2007 (indexation of basic rate limit) does not apply in relation to the basic rate limit, and

(b) section 57 of ITA 2007 (indexation of allowances) does not apply in relation to the amount specified in section 35(1) of that Act,

for the tax years 2022-23, 2023-24, 2024-25 and 2025-26.