{
  "url": "https://openlegislation.uk/finance-act-2012/section-1",
  "json_url": "https://openlegislation.uk/finance-act-2012/section-1.json",
  "legislation": "ukpga/2012/14",
  "legislation_title": "Finance Act 2012",
  "legislation_url": "https://openlegislation.uk/finance-act-2012",
  "path": "section/1",
  "kind": "section",
  "number": "1",
  "heading": "Charge for 2012-13 and rates for 2012-13 and subsequent tax years",
  "text": "(1) Income tax is charged for the tax year 2012-13, and for that tax year—\n(a) the basic rate is 20%,\n(b) the higher rate is 40%, and\n(c) the additional rate is 50%.\n(2) For the tax year 2013-14—\n(a) the basic rate is 20%,\n(b) the higher rate is 40%, and\n(c) the additional rate is 45%.\n(3) In Chapter 2 of Part 2 of ITA 2007 (rates at which income tax is charged)—\n(a) in section 8(3) (dividend additional rate), for “42.5%” substitute “ 37.5% ”,\n(b) in section 9(1) (trust rate), for “50%” substitute “ 45% ”, and\n(c) in section 9(2) (dividend trust rate), for “42.5%” substitute “ 37.5% ”.\n(4) In section 394 of ITEPA 2003 (charge on relevant benefits provided under employer-financed retirement benefits scheme), in subsection (4) for “50%” substitute “ 45% ”.\n(5) In section 640 of ITTOIA 2005 (capital sums treated as income of the settlor: grossing-up of deemed income), in subsection (6)(b)—\n(a) omit the “and” at the end of sub-paragraph (ii),\n(b) in sub-paragraph (iii) for “or any subsequent tax year.” substitute “ , 2011-12 or 2012-13, and ”, and\n(c) after that sub-paragraph insert—\n“(iv) 45%, if the relevant year is the year 2013-14 or any subsequent tax year.”\n(6) The amendments made by subsections (3) to (5) have effect for the tax year 2013-14 and subsequent tax years.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2012/14/section/1",
    "retrieved_at": "2026-10-29T09:08:44.989153+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}