Paul McGrath (Westmeath, Fine Gael)

I move amendment No. 10:

In page 12, between lines 13 and 14, to insert the following:

"3.—The Taxes Consolidation Act 1997 is amended by the insertion of a new section 468A:

'468A.—(1) In this section—

"the consumer price index number" means the All Items Consumer Price Index Number compiled by the Central Statistics Office;

"the consumer price index number relevant to any year of assessment" means the consumer price index number at the mid-September before the commencement of that year expressed on the basis that the consumer price index at mid-September 2002 was 100.

(2) For the purpose of computing the amount of any tax credit or allowance in sections 461, 461A, 462, 462A, 463, 464, 465, 466, 466A, 467 and 468 to a person each sum referred to as a tax credit or allowance shall be adjusted by the higher of either—

(a) such sum as shall be prescribed by law, or

(b) such sum as to which it shall be adjusted by multiplying it by the figure (in this section referred to as "the multiplier").

(3) (a) The Revenue Commissioners shall make regulations specifying the multiplier and shall make corresponding regulations in each subsequent year of assessment.

(b) The "multiplier", in the year of assessment 2004, or any subsequent year of assessment, shall be the quotient, rounded up to 3 decimal places, obtainable by dividing the consumer price index relevant to the year of assessment by the consumer price index number relevant to the immediately preceding year of assessment.'.".

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