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Changes over time for: Section 12


Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 21/07/2008
Status:
Point in time view as at 01/04/2008. This version of this provision has been superseded.

Status
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
Changes to legislation:
There are currently no known outstanding effects for the Income Tax Act 2007, Section 12.

Changes to Legislation
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12Income charged at the savings rateU.K.
This section has no associated Explanatory Notes
(1)Income tax is charged at the savings rate on a person's income which—
(a)is savings income, and
(b)would otherwise be charged at the basic rate.
(2)This is subject to—
Chapters 3 to 6 of Part 9 (which provide for some income of trustees to be charged at the dividend trust rate or at the trust rate),
section 504(3) (treatment of income of unauthorised unit trust), and
any other provisions of the Income Tax Acts (apart from sections 10 and 11) which provide for income to be charged at different rates of income tax in some circumstances.
(3)Section 16 has effect for determining the extent to which a person's savings income would otherwise be charged at the basic rate.
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