Summary
11.Under the SSAA 1992, the Secretary of State for Work and Pensions is required to review the value of benefits and pensions in light of changes in prices, and where it appears to him that prices have increased relative to the value of those benefits he must make an up-rating Order, subject to Parliamentary approval, in each tax year. The Act provides that for the tax years 2014-15 and 2015-16, the relevant sums listed in paragraph 1 of the Schedule will be up-rated by 1 per cent, and obliges the Secretary of State to make an order for each of those tax years to bring those increases into effect.
12.Under section 41 of the TCA 2002, the Treasury is required to review the amounts of certain elements of tax credits each year to determine whether the elements have retained their value in relation to the general level of prices. Therefore, as for DWP benefits and pensions, the Act provides that for the tax years 2014-15 and 2015-16 the relevant monetary amounts listed in paragraph 2 of the Schedule will be up-rated by 1 per cent, and obliges the Treasury to make an order for each of those tax years to bring those increases into effect.