Section 1: Charge and Rates for 2015-16
Summary
1.This section provides for income tax and sets the main rates for 2015-16.
Details of the Section
2.Subsection (1) provides for income tax for 2015-16.
3.Subsection (2) sets the main rates of income tax for 2015-16.
Background Note
4.Income tax is an annual tax. It is for Parliament to impose income tax for a year.
5.This section imposes the charge to income tax for 2015-16. It also sets the main rates of income tax for 2015-16: the 20% basic rate, the 40% higher rate and the 45% additional rate.