Section 404B | Power to vary threshold ^F1

(1)The Treasury may by regulations amend the listed provisions by substituting, for the amount for the time being mentioned in those provisions, a different amount.^F1

(2)The listed provisions are—^F1

subsections (1), (4) and (5) of section 403, and

subsections (1), (4) and (5) of section 404 and its heading.

(3)Regulations under this section may include transitional provision.^F1

(4)A statutory instrument containing regulations under this section which reduce the mentioned amount may not be made unless a draft of it has been laid before, and approved by a resolution of, the House of Commons.^F1