Income tax charge and ratesU.K.
1Income tax charge for tax year 2017-18U.K.
Income tax is charged for the tax year 2017-18.
2Main rates of income tax for tax year 2017-18U.K.
For the tax year 2017-18 the main rates of income tax are as follows—
(a)the basic rate is 20%;
(b)the higher rate is 40%;
(c)the additional rate is 45%.
3Default and savings rates of income tax for tax year 2017-18U.K.
(1)For the tax year 2017-18 the default rates of income tax are as follows—
(a)the default basic rate is 20%;
(b)the default higher rate is 40%;
(c)the default additional rate is 45%.
(2)For the tax year 2017-18 the savings rates of income tax are as follows—
(a)the savings basic rate is 20%;
(b)the savings higher rate is 40%;
(c)the savings additional rate is 45%.
4Starting rate limit for savings for tax year 2017-18U.K.
(1)For the amount specified in section 12(3) of ITA 2007 (starting rate for savings) substitute “ £5000 ”.
(2)The amendment made by subsection (1) has effect in relation to the tax year 2017-18 and subsequent tax years.
(3)Section 21 of ITA 2007 (indexation), so far as relating to the starting rate limit for savings, does not apply in relation to the tax year 2017-18 (but this section does not override that section for subsequent tax years).