32 Extension of starting rate to savings income of individuals.U.K.
(1)Section 1A of the Taxes Act 1988 (application of lower rate or Schedule F ordinary rate to income from savings and distributions) is amended as follows.
(2)In subsection (1)(b) (income of individuals to which those rates do not apply), after the words “is not" insert “—
(i)savings income falling within section 1(2)(aa), or
(ii)”.
(3)After subsection (1) insert—
“(1AA)In subsection (1)(b)(i) above “savings income” means income to which this section applies other than—
(a)income chargeable under Schedule F, or
(b)equivalent foreign income falling within subsection (3)(b) below and chargeable under Case V of Schedule D.”.
(4)This section has effect for the year 2000-01 and subsequent years and shall be deemed to have had effect for the year 1999-00.