1Charge, rates, basic rate limit and personal allowance for 2014-15U.K.
This section has no associated Explanatory Notes
(1)Income tax is charged for the tax year 2014-15.
(2)For that tax year—
(a)the basic rate is 20%,
(b)the higher rate is 40%, and
(c)the additional rate is 45%.
(3)For that tax year—
(a)the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “ £31,865 ”, and
(b)the amount specified in section 35(1) of that Act (personal allowance for those born after 5 April 1948) is replaced with “ £10,000 ”.
(4)Accordingly for that tax year—
(a)section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply, and
(b)section 57 of that Act (indexation of allowances), so far as relating to the amount specified in section 35(1) of that Act, does not apply.