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.