(1)Income tax is charged at the savings rate on a person’s income which—
(a)is savings income, and
(b)would otherwise be charged at the basic rate.
(2)This is subject to—
Chapters 3 to 6 of Part 9 (which provide for some income of trustees to be charged at the dividend trust rate or at the trust rate),
section 504(3) (treatment of income of unauthorised unit trust), and
any other provisions of the Income Tax Acts (apart from sections 10 and 11) which provide for income to be charged at different rates of income tax in some circumstances.
(3)Section 16 has effect for determining the extent to which a person’s savings income would otherwise be charged at the basic rate.