Charge and principal rates etc
1Income tax charge and rates for 2016-17
(1)Income tax is charged for the tax year 2016-17.
(2)For that tax year—
(a)the basic rate is 20%,
(b)the higher rate is 40%, and
(c)the additional rate is 45%.
2Basic rate limit for 2017-18
(1)In section 4(1)(b) of FA 2015 (basic rate limit for 2017-18) for “£32,400” substitute “£33,500”.
(2)Accordingly, omit section 6(b) of F(No.2)A 2015 (basic rate limit for 2017-18).
3Personal allowance for 2017-18
(1)In section 5(1)(b) of FA 2015 (personal allowance for 2017-18) for “£11,200” substitute “£11,500”.
(2)Accordingly, omit section 5(b) of F(No.2)A 2015 (personal allowance for 2017-18).