Finance Act 2001 (c. 9)

Part 3 U.K. INCOME TAX, CORPORATION TAX AND CAPITAL GAINS TAX

Chapter 1 U.K. CHARGE AND RATES

Income tax U.K.

50 Charge and rates for 2001-02 U.K.

Income tax shall be charged for the year 2001-02, and for that year—

(a) the starting rate shall be 10%,

(b) the basic rate shall be 22%, and

(c) the higher rate shall be 40%.

51 Starting rate limit for 2001-02 U.K.

(1) For the year 2001-02 the amount specified in section 1(2)(aa) of the Taxes Act 1988 (the starting rate limit) shall be £1,880.

(2) Accordingly, section 1(4) of that Act (indexation), so far as it relates to the amount so specified, does not apply for that year.

F1 52 Children’s tax credit: amount for 2001-02 and subsequent years U.K.

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Textual Amendments

F1 S. 52 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1

F2 53 Children’s tax credit: baby rate U.K.

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Textual Amendments

F2 S. 53 repealed (6.4.2003) by Tax Credits Act 2002 (c. 21), s. 61, Sch. 6; S.I. 2003/962, art. 2(3)(e), Sch. 1

Corporation tax U.K.

54 Charge and main rate for financial year 2002 U.K.

Corporation tax shall be charged for the financial year 2002 at the rate of 30%.

55 Small companies’ rate and fraction for financial year 2001 U.K.

For the financial year 2001—

(a) the small companies’ rate shall be 20%, and

(b) the fraction mentioned in section 13(2) of the Taxes Act 1988 (marginal relief for small companies) shall be one fortieth.

56 Corporation tax starting rate and fraction for financial year 2001 U.K.

For the financial year 2001—

(a) the corporation tax starting rate shall be 10%, and

(b) the fraction mentioned in section 13AA(3) of the Taxes Act 1988 (marginal relief for small companies) shall be one fortieth.