SCHEDULES

SCHEDULE 2 Transitionals and savings

Part 3 Rates at which income tax is charged

11 In relation to a tax year before 2007-08—

(a) references in this Act, another enactment or an instrument or document to the savings rate are to be read as references to the lower rate, and

(b) references in this Act, another enactment or an instrument or document to the trust rate are to be read as references to the rate applicable to trusts.

12 In relation to the tax year 2007-08 or any subsequent tax year—

(a) references in an enactment, instrument or document to the lower rate are to be read as references to the savings rate, and

(b) references in an enactment, instrument or document to the rate applicable to trusts are to be read as references to the trust rate.

13 In this Part “enactment” includes subordinate legislation (within the meaning of the Interpretation Act 1978 (c. 30)).