Search Legislation

Income Tax Act 2007

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 12

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the Income Tax Act 2007, Section 12. Help about Changes to Legislation

[F112Income charged at the starting rate for savingsU.K.
This section has no associated Explanatory Notes

(1)Income tax is charged at the starting rate for savings F2... on so much of an individual's income up to the starting rate limit for savings [F3as—

(a)is savings income, and

(b)would otherwise be charged at the basic rate or the default basic rate].

(2)This is subject to any provisions of the Income Tax Acts (apart from section 10) which provide for income of an individual to be charged at different rates of income tax in some circumstances.

(3)The starting rate limit for savings is [F4£5,000].

(4)See section 21 for indexation of the starting rate limit for savings.

(5)Section 16 has effect for determining the extent to which a person's income up to the starting rate limit for savings consists of savings income.]

Textual Amendments

F1S. 12 substituted (21.7.2008 with effect in accordance with Sch. 1 para. 65 of the amending Act) by Finance Act 2008 (c. 9), Sch. 1 para. 5

F2Words in s. 12(1) omitted (30.11.2016 with effect in relation to tax year 2017-18 and subsequent tax years) by Finance Act 2016 (c. 24), s. 6(10)(a)(24); S.I. 2016/1161, regs. 2, 3

F3Words in s. 12(1) substituted (30.11.2016 with effect in relation to tax year 2017-18 and subsequent tax years) by Finance Act 2016 (c. 24), s. 6(10)(b)(24); S.I. 2016/1161, regs. 2, 3

F4Sum in s. 12(3) specified (6.4.2024 for the tax year 2024-25) by Finance (No. 2) Act 2024 (c. 12), s. 4(1)

Back to top

Options/Help

You have chosen to open The Whole Act without Schedules

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Act without Schedules as a PDF

The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?