Section 4 | Indexation of limits and allowances under ITA 2007

(1)ITA 2007 is amended as follows.

(2)In section 21 (indexation of the basic rate limit and starting rate limit for savings)—

(a)in each of subsections (1), (3) and (3A), for “retail prices index” substitute “ consumer prices index ”, and

(b)after subsection (5) insert—

(6)In this section “consumer prices index” means the all items consumer prices index published by the Statistics Board.

(3)In section 57 (indexation of allowances)—

(a)in each of subsections (2), (3) and (4), for “retail prices index” substitute “ consumer prices index ”, and

(b)after subsection (6) insert—

(7)In this section “consumer prices index” means the all items consumer prices index published by the Statistics Board.

(4)The amendments made by subsections (2) and (3) have effect for the tax year 2015-16 and subsequent tax years.