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SCHEDULES

SCHEDULE 1Abolition of starting and savings rates and creation of starting rate for savings

Part 1Amendments of ITA 2007

11(1)Section 21 (indexation of starting and basic rate limits) is amended as follows.

(2)Omit subsection (2).

(3)After subsection (3) insert—

(3A)The starting rate limit for savings for the tax year is the amount found as follows.

(4)In subsection (4), for “(2) and (3)” substitute “(3) and (3A)”.

(5)In subsection (5)—

(a)for “section 20” substitute “sections 10 and 12”,

(b)for “(2) and (3)” substitute “(3) and (3A)”, and

(c)for “starting rate limit and the basic rate limit” substitute “basic rate limit and starting rate limit for savings”.

(6)Accordingly, in the heading, for “starting rate limit and the basic rate limit” substitute “basic rate limit and starting rate limit for savings”.