Income tax is charged for the tax year 2020-21.
For the tax year 2020-21 the main rates of income tax are as follows—
(a)the basic rate is 20%,
(b)the higher rate is 40%, and
(c)the additional rate is 45%.
(1)For the tax year 2020-21 the default rates of income tax are as follows—
(a)the default basic rate is 20%,
(b)the default higher rate is 40%, and
(c)the default additional rate is 45%.
(2)For the tax year 2020-21 the savings rates of income tax are as follows—
(a)the savings basic rate is 20%,
(b)the savings higher rate is 40%, and
(c)the savings additional rate is 45%.
Section 21 of ITA 2007 (indexation) does not apply in relation to the starting rate limit for savings for the tax year 2020-21 (so that the starting rate limit for savings remains at £5,000 for that tax year).