Statutory Instruments
2001 No. 638
INCOME TAX
The Income Tax (Indexation) Order 2001
Made
7th March 2001
The Treasury, in pursuance of sections 1(6) and 257C(3) of the Income and Corporation Taxes Act 1988( 1 ), hereby make the following Order:
1. This Order may be cited as the Income Tax (Indexation) Order 2001.
2. —(1) The amounts which, unless Parliament otherwise determines, will be treated by virtue of sections 1(4)( 2 ), 257C(1) and 265(1A) of the Income and Corporation Taxes Act 1988 as specified for the year 2001–02 in sections 1(2)( 3 ) and 265( 4 ) of that Act are set out in paragraphs (2) and (3).
(2) In section 1(2) of the said Act (the charge to income tax)—
(a) in paragraph (aa) (starting rate limit)—£1,580;
(b) in paragraph (b) (basic rate limit)—£29,400.
(3) In section 265(1) of the said Act (blind person’s allowance)—£1,450.
Jim Dowd
Greg Pope
Two of the Lords Commissioners of Her Majesty’s Treasury
7th March 2001
1988 c. 1 . Section 1(6) was amended by section 24(2) of the Finance Act 1988 (c. 39) and by section 9(1) and (7) of the Finance Act 1992 (c. 20) . Sections 257 to 257F were substituted for section 257 by section 33 of the Finance Act 1988 with effect for the year 1990–91 and subsequent years of assessment, and were amended by section 31(6) and (7) and section 32(1)(a) and (c) of the Finance Act 1999 (c. 16) with effect for the year 1999–00 and subsequent years of assessment and by section 31(2) to (5) and (8) and section 32(1)(b) and (2) of the Finance Act 1999 with effect for the year 2000–01 and subsequent years of assessment. Section 257C was amended by Part IV of Schedule 19 to the Finance Act 1990 (c. 29) and by section 107(3) of, and Part III(10) of Schedule 23 to, the Finance Act 1993 (c. 34) , and was extended by section 56(2) of the Finance Act 1997 (c. 16) and by section 25(3) of the Finance Act 1999.
Section 1(4) was amended by section 24(2) of the Finance Act 1988, by section 9(1) and (6) of the Finance Act 1992, by section 107(2) of the Finance Act 1993 and by section 22(4) of the Finance Act 1999 with effect for the year 2000–01 and subsequent years of assessment.
Section 1(2) was amended by section 24(2) of the Finance Act 1988, by section 9(1) to (3) of the Finance Act 1992 and by section 22(1) of the Finance Act 1999.
Section 265 was substituted by paragraph 8 of Schedule 3 to the Finance Act 1988, and was amended by sections 33(10) and 57(4) of the Finance Act 1989, section 33(4) of the Finance Act 1991 (c. 31) , paragraph 8 of Schedule 5 and Part VII(1) of Schedule 18 to the Finance (No. 2) Act 1992 (c. 48) , paragraph 3 of Schedule 10, paragraph 10 of Schedule 8, and Part V(1)(2)(3) and (17) of Schedule 26, to the Finance Act 1994, and by section 56 of the Finance Act 1997.