Part 3

Personal reliefs
Chapter 2

Personal allowance and blind person's allowance

Personal allowances

Personal allowance
35
1
An individual who makes a claim is entitled to a personal allowance of £12,570 for a tax year if the individual meets the requirements of section 56 (residence etc).
2
For an individual whose adjusted net income exceeds £100,000, the allowance under subsection (1) is reduced by one-half of the excess.
3
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.
4
For the meaning of “adjusted net income” see section 58.
S. 35(2)-(4) inserted (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
S. 35(1) renumbered (with effect in accordance with s. 4(4) of the amending Act) by Finance Act 2009 (c. 10), s. 4(1)
S. 35(1): sum specified (for the tax years 2022-23, 2023-24, 2024-25 and 2025-26) by Finance Act 2021 (c. 26), s. 5(2)
Words in s. 35 substituted for s. 35(a)(b) (with effect in accordance with s. 5(11) of the amending Act) by Finance Act 2015 (c. 11), s. 5(4)(a)
S. 35 heading substituted (with effect in accordance with s. 5(11) of the amending Act) by Finance Act 2015 (c. 11), s. 5(4)(b)
Sum in s. 35(1) specified (1.2.2021 with effect for the tax year 2021-22) by The Income Tax (Indexation) Order 2021 (S.I. 2021/111), art. 3(a)