CPI formula
6 CPI formula
For the purposes of the formula under clause 5, the variable "CPI" is to be determined in accordance with the following formula—
where—
C is the consumer price index number for the reference period ending on the last day of the calendar year falling within—
in the case of the 2025/2026 financial year, the 2024/2025 financial year;
in the case of each financial year after the 2025/2026 financial year, the financial year preceding the relevant financial year in respect of which the amount is being determined in accordance with the formula under clause 5;
D is the consumer price index number for the reference period ending on the last day of the calendar year falling within—
in the case of the 2025/2026 financial year, the 2023/2024 financial year;
in the case of the 2026/2027 financial year, the 2024/2025 financial year;
in the case of each financial year after the 2026/2027 financial year, the financial year 2 years earlier than the financial year in respect of which the amount is being determined in accordance with the formula under clause 5.
This Act’s bill:Explanatory memorandumSecond reading speech
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.