Income Tax Act 2007

The rates

6 The starting rate, basic rate and higher rate

(1) The main rates at which income tax is charged are—

(a) the starting rate,

(b) the basic rate, and

(c) the higher rate.

(2) The starting rate, basic rate and higher rate for a tax year are the rates determined as such by Parliament for the tax year.

(3) For other rates at which income tax is charged see—

(a) section 7 (savings rate),

(b) section 8 (dividend ordinary rate and dividend upper rate), and

(c) section 9 (trust rate and dividend trust rate).

7 The savings rate

The savings rate is 20%.

8 The dividend ordinary rate and dividend upper rate

(1) The dividend ordinary rate is 10%.

(2) The dividend upper rate is 32.5%.

9 The trust rate and dividend trust rate

(1) The trust rate is 40%.

(2) The dividend trust rate is 32.5%.