[F112Income charged at the starting rate for savingsU.K.
(1)Income tax is charged at the starting rate for savings F2... on so much of an individual's income up to the starting rate limit for savings [F3as—
(a)is savings income, and
(b)would otherwise be charged at the basic rate or the default basic rate].
(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 [F4£5000].
(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
F2Words in s. 12(1) omitted (30.11.2016 with effect in relation to tax year 2017-18 and subsequent tax years) by Finance Act 2016 (c. 24), s. 6(10)(a)(24); S.I. 2016/1161, regs. 2, 3
F3Words in s. 12(1) substituted (30.11.2016 with effect in relation to tax year 2017-18 and subsequent tax years) by Finance Act 2016 (c. 24), s. 6(10)(b)(24); S.I. 2016/1161, regs. 2, 3
F4Word in s. 12(3) substituted (with effect in relation to the tax year 2017-18 and subsequent years) by Finance Act 2017 (c. 10), s. 4(1)(2)