Statutory Instruments
2002 No. 707
INCOME TAX
The Income Tax (Indexation) Order 2002
Made
15th March 2002
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 2002.
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 2002–03 in sections 1(2)( 3 ), 257AA(2)( 4 ) and 265( 5 ) of that Act are set out in paragraphs (2), (3) and (4).
(2) In section 1(2) of that Act (the charge to income tax)—
(a) in paragraph (aa) (starting rate limit)—£1,920;
(b) in paragraph (b) (basic rate limit)—£29,900.
(3) In section 257AA(2) of that Act (children’s tax credit)—£5,290.
(4) In section 265(1) of that Act (blind person’s allowance)—£1,480.
Tony McNulty
Graham Stringer
Two of the Lords Commissioners of Her Majesty’s Treasury
15th March 2002
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 section 17(2) and 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) , by section 25(3) of the Finance 1999 with effect for the year 1999-00 and subsequent years of assessment, and by section 30(3) of the Finance Act 1999 with effect for the year 2002-03 and subsequent years of assessment.
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 257AA(2) was added by section 30(1) of the Finance Act 1999 with effect for the year 2001-02 and subsequent years of assessment.
Section 265 was substituted by paragraph 8 of Schedule 3 to the Finance Act 1988 with effect for the year 1990-91 and subsequent years of assessment, and was amended by sections 33(10) and 57(4) of the Finance Act 1989 (c. 26) , by section 33(4) of the Finance Act 1991 (c. 31) , by paragraph 8 of Schedule 5 and Part VII(1) of Schedule 18 to the Finance (No. 2) Act 1992 (c. 48) , by 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 (c. 9) , by paragraph 19 of Schedule 20, paragraph 6 of Schedule 21 and Part V(10) of Schedule 41 to the Finance Act 1996 (c. 8) , by section 56 of Finance Act 1997 (c. 16) , and by Part III(15) of Schedule 20 to the Finance Act 1999.