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

CHAPTER 1 U.K.Charge, rates etc

Income tax U.K.

4 Basic rate limit from 2016 U.K.

(1) The amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced—

(a) for the tax year 2016-17, with [F1 “£32,000”], and

(b) for the tax year 2017-18, with [F2 “£33,500”].

(2) Accordingly, for those tax years section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply.

Textual Amendments

F1 Word in s. 4(1)(a) substituted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), s. 6(a)

F2 Word in s. 4(1)(b) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 2(1)