[228ZA Tapered reduction of annual allowance: high-income individual]
Finance Act 2004 (2004 c 12) | Legislation

[228ZA  Tapered reduction of annual allowance: high-income individual]

[[(1)     If the individual is a high-income individual for the tax year, the amount of the annual allowance for the tax year in the case of the individual is the amount specified for the tax year by or under section 228 reduced (but not below [£10,000]) by—

(AI - [£260,000]) x (1 / 2)

where AI is the individual's adjusted income for the tax year.]

(2)     If the amount of the reduction under subsection (1) would otherwise not be a multiple of £1, it is to be rounded down to the nearest amount which is a multiple of £1.

(3)     The individual is a “high-income individual” for the tax year if—

(a)     the individual's adjusted income for the tax year is more than [£260,000], and

(b)     the individual's threshold income for the tax year is more than the amount given by [[£260,000] minus the amount specified for the tax

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