AI Summary of 1. Amendment of provisions relating to exemption from income tax.
As of 6 April 1997 this text has been repealed. As respects the year of assessment 1997–98 and subsequent years, the Finance Act 1980 is amended: in section 1, subsection (2) the figures "£8,000" and "£4,000" are substituted for "£7,800" and "£3,900"; and in section 2, subsection (6) the figures in paragraph (a) "£9,200" and "£10,400" are substituted for "£9,000" and "£10,200", and in paragraph (b) "£4,600" and "£5,200" are substituted for "£4,500" and "£5,100". The amended subsections are set out in the Table to the section.
The Table provides that in section 1(2) "the specified amount", subject to subsection (3), is (a) £8,000 where the individual would, apart from this section, be entitled to a deduction specified in section 138(a) of the Income Tax Act, 1967, and (b) £4,000 in any other case. In section 2(6) "the specified amount", subject to subsection (3) of section 1, is (a) £9,200 in the section 138(a) case, provided that if either the individual or his spouse was aged 75 or upwards during the year the amount is £10,400, and (b) £4,600 in any other case, provided that if the individual was aged 75 or upwards during the year the amount is £5,200.
1. Amendment of provisions relating to exemption from income tax.
As respects the year of assessment 1997-98 and subsequent years of assessment, the Finance Act, 1980, is hereby amended -
(a) in section 1, by the substitution, in subsection (2) (inserted by the Finance Act, 1989), of "£8,000" and "£4,000", respectively, for "£7,800" and "£3,900" (inserted by the Finance Act, 1996), and
(b) in section 2, by the substitution, in subsection (6) (inserted by the Finance Act, 1989) -
(i) of "£9,200" and "£10,400", respectively, for "£9,000" and "£10,200" (inserted by the Finance Act, 1996), in paragraph (a), and
(ii) of "£4,600" and "£5,200", respectively, for "£4,500" and "£5,100" (inserted by the Finance Act, 1996), in paragraph (b),
and the said subsection (2) of the said section 1 and the said subsection (6) of the said section 2, as so amended, are set out in the Table to this section.
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TABLE |
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(2) In this section "the specified amount" means, subject to subsection (3) - (a) in a case where the individual would, apart from this section, be entitled to a deduction specified in section 138(a) of the Income Tax Act, 1967, £8,000, and |