The Income Tax (Indexation) Order 2001

2.—(1) The amounts which, unless Parliament otherwise determines, will be treated by virtue of sections 1(4)(1), 257C(1) and 265(1A) of the Income and Corporation Taxes Act 1988 as specified for the year 2001–02 in sections 1(2)(2) and 265(3) of that Act are set out in paragraphs (2) and (3).

(2) In section 1(2) of the said Act (the charge to income tax)—

(a) in paragraph (aa) (starting rate limit)—£1,580;

(b) in paragraph (b) (basic rate limit)—£29,400.

(3) In section 265(1) of the said Act (blind person’s allowance)—£1,450.

(1)

Section 1(4) was amended by section 24(2) of the Finance Act 1988, by section 9(1) and (6) of the Finance Act 1992, by section 107(2) of the Finance Act 1993 and by section 22(4) of the Finance Act 1999 with effect for the year 2000–01 and subsequent years of assessment.

(2)

Section 1(2) was amended by section 24(2) of the Finance Act 1988, by section 9(1) to (3) of the Finance Act 1992 and by section 22(1) of the Finance Act 1999.

(3)

Section 265 was substituted by paragraph 8 of Schedule 3 to the Finance Act 1988, and was amended by sections 33(10) and 57(4) of the Finance Act 1989, section 33(4) of the Finance Act 1991 (c. 31), paragraph 8 of Schedule 5 and Part VII(1) of Schedule 18 to the Finance (No. 2) Act 1992 (c. 48), paragraph 3 of Schedule 10, paragraph 10 of Schedule 8, and Part V(1)(2)(3) and (17) of Schedule 26, to the Finance Act 1994, and by section 56 of the Finance Act 1997.