Section 4 — Finance Act 2014: Indexation of limits and allowances under ITA 2007

Indexation of limits and allowances under ITA 2007 4 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.