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3. Income tax (basic rate limit)

Volume 542: debated on Monday 26 March 2012

Resolved,

That—

(1) For the tax year 2012-13 the amount specified in section 10(5) of the Income Tax Act 2007 (basic rate limit) is replaced with “£34,370”.

(2) Accordingly section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply for that tax year.

And it is declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.