The Income Tax (Schedule 22 to the Finance Act 1995) (Prescribed Amounts) Regulations 1997

• Citation: S.I. 1997/1158
• Sections: 8

Section 1 Citation and commencement

These Regulations may be cited as the Income Tax (Schedule 22 to the Finance Act 1995) (Prescribed Amounts) Regulations 1997 and shall come into force on 25th April 1997.

Section 2 Interpretation

(1) In these Regulations “appropriate period” means—

(a) where paragraph 1(3) applies, “the transitional period” within the meaning given by paragraph 1(4);

(b) where paragraph 3(3) applies so as to modify paragraph 1(3), “the transitional overlap period” within the meaning given by paragraph 3(4);

(c) where paragraph 6(3) applies so as to modify paragraph 1(3), the years of assessment 1995–96 and 1996–97;

(d) where paragraph 7(3) applies so as to modify paragraph 1(3), “the transitional overlap period” within the meaning given by paragraph 7(4).

(2) References in these Regulations to a paragraph are to that paragraph of Schedule 22 to the Finance Act 1995.

Section 3 Amounts prescribed under paragraph 1(3)—persons other than partners

As respects a trade, profession or vocation carried on by any person (other than in partnership)—

(a) the amount prescribed for the purposes of paragraph 1(3)(a) and of that provision as applied by paragraphs 3(3), 6(3) and 7(3) is £10,000;

(b) the amount prescribed for the purposes of paragraphs 1(3)(c) and of that provision as applied by paragraphs 3(3), 6(3) and 7(3) is £50,000.

Section 4 Amount prescribed under paragraph 1(3)(a)—persons in partnership

As respects a trade, profession or vocation carried on by persons in partnership, the amount prescribed for the purposes of paragraph 1(3)(a) and of that provision as applied by paragraphs 3(3), 6(3) and 7(3))—

(a) where the maximum number of partners comprising the partnership in the appropriate period does not exceed 20, is the amount determined by the formula—

where

A is the maximum number of partners comprising the partnership in the appropriate period;

(b) where the maximum number of partners comprising the partnership in the appropriate period exceeds 20, is the amount determined by the formula—

where

B is the number by which the maximum number of partners comprising the partnership in the appropriate period exceeds 20.

Section 5 Amount prescribed under paragraph 1(3)(c)—persons in partnership

As respects a trade, profession or vocation carried on by persons in partnership, the amount prescribed for the purposes of paragraph 1(3)(c) and of that provision as applied by paragraphs 3(3), 6(3) and 7(3) is the amount determined by the formula—

where

C is the maximum number of partners comprising the partnership in the appropriate period.

Section 6 Amount prescribed under paragraph 2(4)(b)

The amount prescribed for the purposes of paragraph 2(4)(b) is £15,000.

Section 7 Amount prescribed under paragraph 5(4)(b)

The amount prescribed for the purposes of paragraph 5(4)(b) is £7,500.

Section 8 Amount prescribed under paragraph 9(3)(a)

The amount prescribed for the purposes of paragraph 9(3)(a) and of that provision as applied by paragraph 10(3) is £7,500.