Finance Act 2009
2009 CHAPTER 10
Introduction
Section 1: Income Tax: Charge and Main Rates for 2009–10
Summary
1.Section 1 imposes the income tax charge for 2009-10 and sets the basic rate of income tax at 20 per cent and the higher rate at 40 per cent.
Details of the Section
2.Subsection (1) imposes the income tax charge for 2009-10.
3.Subsection (2)(a) sets the basic rate of income tax at 20 per cent.
4.Subsection (2)(b) sets the higher rate of income tax at 40 per cent.
Background Note
5.Income tax is an annual tax re-imposed each year by Parliament (even if the proposed rates are the same as for the previous year). The table below sets out the main rates and income bands for 2008-09 and the proposed main rates and income bands for 2009-10:
| 2008-09 | 2009-10 | |
|---|---|---|
| Basic rate | £0 - £34,800 at 20 per cent | £0 - £37,400 at 20 per cent |
| Higher rate | Over £34,800 at 40 per cent | Over £37,400 at 40 per cent |
The basic rate limit of £37,400 as identified in the table above is set for 2009-10 by section 2 of this Act.
- Blaenorol
- Nodiadau Esboniadol Tabl o’r Cynnwys
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