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The Income Tax (Indexation) Order 2020
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- UK Statutory Instruments
- 2020 No. 343
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Order)
This Order fulfils the indexation requirement in section 57 of the Income Tax Act 2007 (c. 3). Section 57 provides that certain specified allowances and limits are increased by reference to the Consumer Prices Index. These increases have effect for the 2020-21 tax year.
This Order does not provide for an increase of the amount of the personal allowance in section 35(1). The personal allowance has already been set at £12,500 for the tax years 2019-20 and 2020-21 by section 5(1) of the Finance Act 2019 (c. 1) so the requirement to provide for indexation of that allowance for those tax years was disapplied by section 5(5) of that Act.
A Tax Information and Impact Note has not been prepared for this instrument as it gives effect to previously announced policy and relates to a predetermined indexation formula.
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