PART 1Income tax, corporation tax and capital gains tax

CHAPTER 1Charge, rates etc

Income tax

3Personal allowances for 2015-16

1

Section 2 of FA 2014 (basic rate limit for 2015-16 and personal allowances from 2015) is amended as set out in subsections (2) and (3).

2

In subsection (1)(b) (amount specified for 2015-16 in section 35(1) of ITA 2007 (personal allowance for those born after 5 April 1938)), for ““£10,500”” substitute ““£10,600””.

3

In subsection (8) (amendments of section 57 of ITA 2007), omit the “and” at the end of paragraph (a) and after that paragraph insert—

aa

in subsection (1)(h), omit “36(2),”, and

4

In section 55B(4)(a) of ITA 2007 (transferable tax allowance for married couples and civil partners: entitlement to tax reduction), for “£1,050” substitute “£1,060”.

5

The amendments made by subsections (3) and (4) have effect for the tax year 2015-16 and subsequent tax years.