Section 8 Indexation of rate bands
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(1) If the retail prices index for the month of [September in 1993]1 or any later year is higher than it was for the [previous September]2, then, unless Parliament otherwise determines, section 7 above and Schedule 1 to this Act shall apply to chargeable transfers made on or after 6th April in the following year with the substitution of [a new Table for the Table]3 applying (whether by virtue of this section or otherwise) to earlier chargeable transfers.
Amendments
1 Substituted by Finance Act 1993 section 197(1)(a) from 6 April 1994.
2 Substituted by Finance Act 1993 section 197(1)(b) from 6 April 1994.
3 Substituted by Finance Act 1986 Schedule 19 para 3(1) from 18 March 1986.
(1A) ...
Amendments
Subs (1A) repealed by Finance Act 1988 section 136(3) and Schedule 14 Part X from 15 March 1988.
(2) The new [Table]1 shall differ from the [Table]1 it replaces in that for each of the amounts specified in the first and second columns there shall be substituted amounts arrived at by increasing the previous amounts by the same percentage as the percentage increase in the retail prices index and, if the result is not a multiple of £1,000, rounding it up to the nearest amount which is such a multiple.
Amendments
1 Substituted by Finance Act 1986 Schedule 19 para 3(3) from 18 March 1986.
(3) The references in this section to the retail prices index are references to the general index of retail prices (for all items) published by the [Statistics Board]1; and if that index is not published for a month of [September]2 those references shall be construed as references to any substituted index or index figures published by [the Board]1.
Amendments
1 Substituted by Statistics and Registration Service Act 2007 section 60 and Schedule 3 para 3 from 1 April 1998.
2 Substituted by Finance Act 1993 section 197(1)(b) in relation to chargeable transfers made on or after 6 April 1994.
(4) The treasury shall before 6th April [1994]1 and each subsequent 6th April make an order specifying the amounts which by virtue of this section will be treated, in relation to chargeable transfers on or after that date, as specified in the [Table]2 in the Schedule 1 to this act; and any such order shall be made by statutory instrument.
Amendments
1 Substituted by Finance Act 1993 section 197(1)(c) from 6 April 1994.
2 Substituted by Finance Act 1986 Schedule 19 para 3(4) from 18 March 1986.
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