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Income tax is charged for the tax year 2023-24.
For the tax year 2023-24 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 2023-24 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 2023-24 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%.
(1)For the tax year 2023-24 the amount specified in section 12(3) of ITA 2007 (the starting rate limit for savings) is “£5,000”.
(2)Accordingly, section 21 of that Act (indexation) does not apply in relation to the starting rate limit for savings for that tax year.