An individual who makes a claim is entitled to a personal allowance of F3£12,570 for a tax year if the individual F4meets the requirements of section 56 (residence etc).

For an individual whose adjusted net income exceeds £100,000, the allowance under subsection (1) is reduced by one-half of the excess.

If the amount of any allowance that remains after the operation of subsection (2) would otherwise not be a multiple of £1, it is to be rounded up to the nearest amount which is a multiple of £1.

For the meaning of “adjusted net income” see section 58.