PART 1

Income tax, corporation tax and capital gains tax
CHAPTER 1

Charge, rates etc

Income tax

Charge, rates, basic rate limit and personal allowance for 2014-15
1
1
Income tax is charged for the tax year 2014-15.
2
For that tax year—
a
the basic rate is 20%,
b
the higher rate is 40%, and
c
the additional rate is 45%.
3
For that tax year—
a
the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “ £31,865 ”, and
b
the amount specified in section 35(1) of that Act (personal allowance for those born after 5 April 1948) is replaced with “ £10,000 ”.
4
Accordingly for that tax year—
a
section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply, and
b
section 57 of that Act (indexation of allowances), so far as relating to the amount specified in section 35(1) of that Act, does not apply.