PART 1Principal rates etc

Tax lock

1Income tax lock

1

For any tax year to which this section applies—

a

the basic rate of income tax shall not exceed 20%,

b

the higher rate of income tax shall not exceed 40%, and

c

the additional rate of income tax shall not exceed 45%.

2

This section applies to a tax year—

a

which begins after the day on which this Act is passed but before the date of the first parliamentary general election after that day, and

b

for which income tax is charged.