Part 1Direct and indirect taxes

Income tax charge and rates

3Default and savings rates of income tax for tax year 2017-18

(1)

For the tax year 2017-18 the default rates of income tax are as follows—

(a)

the default basic rate is 20%;

(b)

the default higher rate is 40%;

(c)

the default additional rate is 45%.

(2)

For the tax year 2017-18 the savings rates of income tax are as follows—

(a)

the savings basic rate is 20%;

(b)

the savings higher rate is 40%;

(c)

the savings additional rate is 45%.