This section has no associated Explanatory Notes
[F19(1)The lower rate is 5%.U.K.
(2)The standard rate is 20%.
(3)The higher rate is 25%.
(4)If a rate changes during an accounting period—
(a)the old rate is to be applied to the person's total net takings in the part of the period before the change, and
(b)the new rate is to be applied to the person's total net takings in the part of the period after the change.
(5)If it is not possible to identify for the purposes of sub-paragraph (4) the part of the period to which an amount relates, it is to be apportioned on a just and reasonable basis.]
Textual Amendments
F1Sch. 24 para. 9 and cross-heading substituted (with effect in accordance with s. 124(6) of the amending Act) by Finance Act 2014 (c. 26), s. 124(4)