http://www.legislation.gov.uk/ukpga/2002/21/section/41/2009-07-21Tax Credits Act 2002An Act to make provision for tax credits; to amend the law about child benefit and guardian’s allowance; and for connected purposes.2002-07-17texttext/xmlenStatute Law Database2024-05-17Expert Participation2009-07-21Tax Credits Act 2002s. 35(2)-(12)Welfare Reform Act 2012s. 124s. 150(3)Tax Credits Act 2002s. 36(10)Welfare Reform Act 2012Sch. 14 Pt. 12s. 150(3)Tax Credits Act 2002specified provision(s)The Tax Credits Act 2002 (Transitional Provisions) Order 2008art. 3(2)Tax Credits Act 2002specified provision(s)The Tax Credits Act 2002 (Further Commencement and Transitional Provisions) Order 2011art. 2Tax Credits Act 2002s. 35(9)Sentencing Act 2020Sch. 24 para. 443(1)Sch. 24 para. 447Sch. 27s. 416(1)reg. 2Part 1Tax creditsSupplementary
41 Annual review(1)

The Treasury must, in each tax year, review the amounts specified in subsection (2) in order to determine whether they have retained their value in relation to the general level of prices in the United Kingdom as estimated by the Treasury in such manner as it considers appropriate.

(2)

The amounts are monetary amounts prescribed—

(a)

under subsection (1)(a) of section 7,

(b)

for the purposes of any of paragraphs (a) to (d) of subsection (3) of that section,

(c)

under section 9,

(d)

under section 11, otherwise than by virtue of section 12, or

(e)

under subsection (2) of section 13, otherwise than by virtue of subsection (3) of that section.

(3)

The Treasury must prepare a report of each review.

(4)

The report must include a statement of what each amount would be if it had fully retained its value.

(5)

The Treasury must publish the report and lay a copy of it before each House of Parliament.