PART 1Income tax
Charge and principal rates etc
1Income tax charge and rates for 2016-17
1
Income tax is charged for the tax year 2016-17.
2
For that tax year—
a
the basic rate is 20%,
b
the higher rate is 40%, and
c
the additional rate is 45%.
2Basic rate limit for 2017-18
1
In section 4(1)(b) of FA 2015 (basic rate limit for 2017-18) for “£32,400” substitute “
£33,500
”
.
2
Accordingly, omit section 6(b) of F(No.2)A 2015 (basic rate limit for 2017-18).
3Personal allowance for 2017-18
1
In section 5(1)(b) of FA 2015 (personal allowance for 2017-18) for “£11,200” substitute “
£11,500
”
.
2
Accordingly, omit section 5(b) of F(No.2)A 2015 (personal allowance for 2017-18).