Income tax
1Charge and main rates for 2011-12
(1)Income tax is charged for the tax year 2011-12.
(2)For that tax year—
(a)the basic rate is 20%,
(b)the higher rate is 40%, and
(c)the additional rate is 50%.
2Basic rate limit for 2011-12
(1)For the tax year 2011-12 the amount specified in section 10(5) of ITA 2007 (basic rate limit) is replaced with “£35,000”.
(2)Accordingly section 21 of that Act (indexation of limits), so far as relating to the basic rate limit, does not apply for that tax year.
3Personal allowance for 2011-12 for those aged under 65
(1)For the tax year 2011-12 the amount specified in section 35(1) of ITA 2007 (personal allowance for those aged under 65) is replaced with “£ 7,475”.
(2)Accordingly section 57 of that Act (indexation of allowances), so far as relating to the amount specified in section 35(1) of that Act, does not apply for that tax year.