Section 101 – Indexation of annual chargeable amounts
41.Subsection (1) sets out that section 99(4) is to be amended for chargeable periods beginning on or after 1 April 2014, if the consumer price index (CPI) is higher for September in 2013, or any later year than it was for the previous September.
42.Subsection (2) provides for the annual chargeable amounts in section 99(4) that apply for the chargeable periods beginning in the previous 12 months to be substituted with the indexed amount.
43.Subsection (3) specifies the method of calculating the indexed amount.
44.Subsection (4) defines “consumer prices index” for the purposes of this section.
45.Subsection (5) requires the Treasury to make an order before 1 April 2014 and before 1 April annually thereafter, stating the annual chargeable amounts for chargeable periods beginning on or after that date.