546Indexation—no reduction

546 Indexation—no reduction If the variation of an amount specified in section 542, 543, 544 or 545 or in a Table to section 544 or 545 by operation of that section has the effect of reducing the amount— (a) the variation is deemed not to have taken effect, except for the purposes of the application of this section; and (b) when the amount is varied and increased by operation of this section in respect of the next or a subsequent financial year, that variation has effect as an increase only to the extent (if any) to which the amount of the increase exceeds the amount of the reduction in respect of a preceding financial year, or that part of such a reduction that has not been set off against a previous increase.