Finance Act 1974

14 Alteration of personal reliefs

(1) Chapter II of Part I of the Taxes Act shall be amended in accordance with the following provisions of this section.

(2) In section 8 (personal relief)—

(a) for the reference in subsection (1)(a) (married) to £775 there shall be substituted a reference to £865 ; and

(b) for the references in subsections (1)(b) (single) and (2) (wife's earned income relief) to £595 there shall be substituted references to £625.

(3) In section 10(3) (appropriate amount for child)—

(a) for the reference to £265 (child over sixteen) there shall be substituted a reference to £305 ;

(b) for the reference to £235 (child over eleven but not over sixteen) there shall be substituted a reference to £275; and

(c) for the reference to £200 (child not over eleven) there shall be substituted a reference to £240.

(4) In section 14 (additional relief for widows and others in respect of children) for the references to £130 there shall be substituted references to £180.

(5) In section 7 (persons over sixty-five with small incomes)—

(a) for the references to £700 and £1,000 (income limits for exemption) there shall be substituted references to £810 and £1,170;

(b) for the reference to £340 (excess over those limits beyond which relief by reduction of tax is excluded) there shall be substituted a reference to £565 ; and

(c) for the reference to 50 per cent, (percentage governing relief by reduction of tax) there shall be substituted a reference to 55 per cent.

(6) In section 24 (reduction on account of family allowances) for the reference to £60 there shall be substituted a reference to £52.