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Finance Act 2009 (C.10) Which Received Royal Assent on 21 July 2009

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Finance Act 2009 (C.10) Which Received Royal Assent on 21 July 2009 These notes refer to the Finance Act 2009 (c.10) which received Royal Assent on 21 July 2009 FINANCE ACT 2009 —————————— EXPLANATORY NOTES INTRODUCTION 1. These notes relate to the Finance Act 2009 that received Royal Assent on 21st July 2009. They have been prepared by HM Revenue and Customs in partnership with HM Treasury in order to assist the reader in understanding the Act. They do not form part of the Act and have not been endorsed by Parliament. 2. The notes need to be read in conjunction with the Act. They are not, and are not meant to be, a comprehensive description of the Act. So, where a section or part of a section does not seem to require any explanation or comment, none is given. 3. The Act is divided into nine parts: (1) Charges, rates, allowances, etc (2) Income tax, corporation tax and capital gains tax (3) Pensions (4) Value Added Tax (5) Stamp taxes (6) Oil (7) Administration (8) Miscellaneous (9) Final Provisions The Schedules follow the sections on the Act. 4. Terms used in the Act are explained in these notes where they first appear. Hansard references are provided at the end of the notes. 1 These notes refer to the Finance Act 2009 (c.10) which received Royal Assent on 21 July 2009 SECTION 1: INCOME TAX: CHARGE AND MAIN RATES FOR 2009-10 SUMMARY 1. Section 1 imposes the income tax charge for 2009-10 and sets the basic rate of income tax at 20 per cent and the higher rate at 40 per cent. DETAILS OF THE SECTION 2. Subsection (1) imposes the income tax charge for 2009-10. 3. Subsection (2)(a) sets the basic rate of income tax at 20 per cent. 4. Subsection (2)(b) sets the higher rate of income tax at 40 per cent. BACKGROUND NOTE 5. Income tax is an annual tax re-imposed each year by Parliament (even if the proposed rates are the same as for the previous year). The table below sets out the main rates and income bands for 2008-09 and the proposed main rates and income bands for 2009-10: 2008-09 2009-10 Basic rate £0 - £34,800 at 20 per £0 - £37,400 at 20 per cent cent Higher rate Over £34,800 at 40 per Over £37,400 at 40 per cent cent The basic rate limit of £37,400 as identified in the table above is set for 2009-10 by section 2 of this Act. 2 These notes refer to the Finance Act 2009 (c.10) which received Royal Assent on 21 July 2009 SECTION 2: INCOME TAX: BASIC RATE LIMIT FOR 2009-10 SUMMARY 1. Section 2 sets the basic rate limit for income tax at £37,400 for 2009-10. DETAILS OF THE SECTION 2. Subsection (1) replaces the amount currently in section 10(5) of the Income Tax Act 2007 (ITA) to set the basic rate limit at £37,400. 3. Subsection (2) disapplies the requirement under section 21 of ITA to index the basic rate limit for the 2009-10 tax year only. BACKGROUND NOTE 4. An individual’s taxable income up to the basic rate limit is liable to income tax at the basic rate of income tax. An individual’s taxable income above the basic rate limit is liable to income tax at the higher rate of income tax. 5. The provisions in ITA which provide for the basic rate of income tax also provide for the amount, unless Parliament determines otherwise, to be increased annually by indexation. HM Treasury order of 24 November 2008 (2008 No. 3023) which specified the indexed amount for the 2009-10 tax year, is overridden by this section. 6. The table below sets out the amounts of the basic rate limit for 2008-09, the amount specified by order for 2009-10 and the amount specified by this section for 2009-10: 2008-09 2009-10 by Treasury 2009-10 by this order section £34,800 £36,600 £37,400 7. The effect of this section is to override the amount specified by order for the basic rate limit and to set it at an amount £800 greater than the indexed increase. 3 These notes refer to the Finance Act 2009 (c.10) which received Royal Assent on 21 July 2009 SECTION 3: INCOME TAX: PERSONAL ALLOWANCE FOR 2009-10 FOR THOSE AGED UNDER 65 SUMMARY 1. Section 3 sets the personal allowance for income tax at £6,475 for 2009-10. DETAILS OF THE SECTION 2. Subsection (1)(a) replaces the amount currently in section 35 of the Income Tax Act 2007 (ITA) to set the personal allowance for those under 65 at £6,475. 3. Subsection (1)(b) replaces the amount in section 257 of the Income and Corporation Taxes Act 1988 (ICTA) to set the personal allowance for non-resident Commonwealth citizens aged under 65 at £6,475. 4. Subsection (2)(a) disapplies the requirement under section 57 of ITA to index the basic level of personal allowance in section 35 of ITA for the 2009-10 tax year only. 5. Subsection (2)(b) disapplies the requirement under section 257C of ICTA to index the basic level of personal allowance in section 257(1) of ICTA for the 2009-10 tax year only. BACKGROUND NOTE 6. Individuals, who meet the conditions set out in section 35 of ITA, are entitled to a personal allowance to be set against their income. 7. The provisions in ITA which provide for a personal allowance also provide for the amount, unless Parliament determines otherwise, to be increased annually by indexation. The HM Treasury order of 24 November 2008 (2008 No. 3023) which specified the indexed amount for 2009-10 tax year, is overridden by this section. 8. The table below sets out the amounts of the personal allowance for those aged under 65 for 2008-09 and the amount specified by this section for 2009-10: 2008-09 2009-10 by this section £6,035 £6,475 9. The effect of this section is to override the amount specified by order for the amount of the personal allowance for individuals aged under 65 and set it at an amount £130 greater than the indexed increase. 10. United Kingdom personal allowances are available for non-resident Commonwealth citizens. Section 5 of and Schedule 1 to this Act remove these allowances from 2010-11. 4 These notes refer to the Finance Act 2009 (c.10) which received Royal Assent on 21 July 2009 11. The provisions in ICTA which provide for a personal allowance for non-resident Commonwealth citizens also provide for the amount, unless Parliament determines otherwise, to be increased annually by indexation. The HM Treasury order of 24 November 2008 (2008 No. 3024) which specified the indexed amount for 2009- 10 tax year, is overridden by this section. 12. The effect of this section is to override the amount specified by order for the amount of the personal allowance available to non-resident Commonwealth citizens aged under 65 and set it at an amount £130 greater than the indexed increase. 5 These notes refer to the Finance Act 2009 (c.10) which received Royal Assent on 21 July 2009 SECTION 4: INCOME TAX: REDUCTION OF PERSONAL ALLOWANCE FOR INDIVIDUALS WITH INCOME EXCEEDING £100,000 SUMMARY 1. Section 4 applies reductions from 2010-11 to the amount of an individual’s personal allowance, where their income exceeds £100,000. DETAILS OF THE SECTION 2. Subsection (1) renumbers the existing provisions in section 35 of the Income Tax Act 2007 (ITA) as new section 35(1) and provides the personal allowance for those aged under 65 including the amount, which remain unchanged. 3. New section 35(2) provides that where an individual’s adjusted net income exceeds £100,000 their personal allowance is by reduced one-half of the excess. 4. New section 35(3) provides that where the result of the application of new section 35(2) is not a multiple of £1, then the amount of the personal allowance is rounded up to the nearest £1. 5. New section 35(4) provides a signpost to the meaning of adjusted net income in section 58 of ITA. 6. Subsection (2) inserts new provisions into section 36 and section 37 of ITA which provide the higher amounts of personal allowance for those aged 65 to 74 and aged 75 and over. The higher amounts of personal allowance are reduced where an individual’s adjusted net income exceeds an income limit. Section 36(2)(b) and section 37(2)(b) of ITA currently provide for these higher levels of personal allowance to be reduced by one-half of the excess, but no lower than the basic level of personal allowance for someone under 65. The new provisions ensure an individual’s personal allowance, where they have an adjusted net income over £100,000, will be linked to the level of the personal allowance they would be entitled to if they were aged under 65. 7. Subsection (3) amends section 57 of ITA, the provision for indexation of the personal allowances following the movement of current section 35 of ITA to become new section 35(1). 8. Subsection (4) provides that the amendments made by subsection (1) and subsection (2) of this section are effective from 2010-11. 9. Subsection (5) provides that the amendment made by subsection (3) of this section is effective from 2011-12. BACKGROUND NOTE 10. Individuals, who meet the conditions set out in section 35 of ITA, are entitled to a personal allowance to be set against their income.
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