Sch 28 para 16AC
(1) This paragraph applies for the purposes of paragraph 16AB(4). (2) “The general limit” at a time in the tax year 2016-17 is £25,000. (3) “The general limit” at a time in a later tax year (“year T”)— (a) is given by— where G is the general limit at times in the tax year (“year P”) that precedes year T, or (b) if the amount given by paragraph (a) is not a multiple of £100, is that amount rounded up to the nearest amount that is such a multiple. (4) See paragraph 16AE for the meaning of U%.