PART I THE CHARGE TO TAX
Income tax
F11B Rates of tax applicable to Schedule F income etc.
(1)
In the case of so much of an individual’s income which consists of—
(a)
income chargeable under Schedule F (if any), and
(b)
equivalent foreign income falling within section 1A(3)(b) and chargeable under Case V of Schedule D (if any),
as is income falling within section 1(2)(b), income tax shall, by virtue of this subsection, be charged at the Schedule F upper rate, instead of at the rate otherwise applicable to it in accordance with section 1(2)(b).
(2)
In relation to any year of assessment for which income tax is charged—
(a)
the Schedule F ordinary rate is 10 per cent., and
(b)
the Schedule F upper rate is 32.5 per cent.,
or, in either case, such other rate as Parliament may determine.