Finance Act 2014 (c. 26)

PART 1 U.K. Income tax, corporation tax and capital gains tax

CHAPTER 1 U.K. Charge, rates etc

Income tax U.K.

3 The starting rate for savings and the savings rate limit U.K.

(1) In section 7 of ITA 2007 (the starting rate for savings) for “10%” substitute “ 0% ”.

(2) For the tax year 2015-16 the amount specified in section 12(3) of that Act (starting rate limit for savings) is replaced with “ £5,000 ”.

(3) Accordingly section 21 of that Act (indexation of limits), so far as relating to the starting rate limit for savings, does not apply for that tax year.

F1 (4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) The amendments made by subsections (1) and (4) have effect for the tax year 2015-16 and subsequent tax years.

Textual Amendments

F1 S. 3(4) omitted (with effect in accordance with Sch. 6 para. 28 of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 6 para. 25(d)