PART 1Income tax, corporation tax and capital gains tax
CHAPTER 1Charge, rates etc
Income tax
3The starting rate for savings and the savings rate limit
(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.