Part 1

Tax credits

Supplementary

Annual review
41
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.
Pt. 1 modified (6.4.2003) by The Tax Credits (Immigration) Regulations 2003 (S.I. 2003/653), regs. 1, 4 (as amended (6.4.2003 immediately after the coming into force of S.I. 2003/738) by S.I. 2003/742, regs. 1(1), 56 (with reg. 1(2))
Pt. 1 modified (6.4.2003 immediately after the coming into force of S.I. 2003/738) by The Tax Credits (Polygamous Marriages) Regulations 2003 (S.I. 2003/742), regs. 1(1), 3-21 (as amended (6.4.2017) by S.I. 2017/387, regs. 1, 7)
S. 41 modified (16.3.2016) by Welfare Reform and Work Act 2016 (c. 7), ss. 12(2), 36(1)(b)