4Increase in rates of tax on dividend incomeU.K.
(1)In section 8 of ITA 2007 (which provides, among other things, for the dividend ordinary rate, dividend upper rate and dividend additional rate)—
(a)in subsection (1) (the dividend ordinary rate), for “7.5%” substitute “8.75%”,
(b)in subsection (2) (the dividend upper rate), for “32.5%” substitute “33.75%”, and
(c)in subsection (3) (the dividend additional rate), for “38.1%” substitute “39.35%”.
(2)In section 9(2) of ITA 2007 (the dividend trust rate), for “38.1%” substitute “39.35%”.
(3)The amendments made by this section have effect for the tax year 2022-23 and subsequent tax years.