[F112Income charged at the starting rate for savingsU.K.
(1)Income tax is charged at the starting rate for savings (rather than the basic rate) on so much of an individual's income up to the starting rate limit for savings as is savings income.
(2)This is subject to any provisions of the Income Tax Acts (apart from section 10) which provide for income of an individual to be charged at different rates of income tax in some circumstances.
(3)The starting rate limit for savings is [F2£2,440] .
(4)See section 21 for indexation of the starting rate limit for savings.
(5)Section 16 has effect for determining the extent to which a person's income up to the starting rate limit for savings consists of savings income.]
Textual Amendments
F1S. 12 substituted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 5
F2Word in s. 12(3) substituted (24.11.2008 for tax year 2009-2010) by The Income Tax (Indexation) (No. 3) Order 2008 (S.I. 2008/3023), art. 3