Section 404B — Income Tax (Earnings and Pensions) Act 2003: Power to vary threshold

Power to vary threshold 404B 1 The Treasury may by regulations amend the listed provisions by substituting, for the amount for the time being mentioned in those provisions, a different amount.

2 The listed provisions are— subsections (1), (4) and (5) of section 403, and subsections (1), (4) and (5) of section 404 and its heading.

3 Regulations under this section may include transitional provision.

4 A statutory instrument containing regulations under this section which reduce the mentioned amount may not be made unless a draft of it has been laid before, and approved by a resolution of, the House of Commons.