# Finance Act 2012, Section 1: Charge for 2012-13 and rates for 2012-13 and subsequent tax years


(1) Income tax is charged for the tax year 2012-13, and for that tax year—
(a) the basic rate is 20%,
(b) the higher rate is 40%, and
(c) the additional rate is 50%.
(2) For the tax year 2013-14—
(a) the basic rate is 20%,
(b) the higher rate is 40%, and
(c) the additional rate is 45%.
(3) In Chapter 2 of Part 2 of ITA 2007 (rates at which income tax is charged)—
(a) in section 8(3) (dividend additional rate), for “42.5%” substitute “ 37.5% ”,
(b) in section 9(1) (trust rate), for “50%” substitute “ 45% ”, and
(c) in section 9(2) (dividend trust rate), for “42.5%” substitute “ 37.5% ”.
(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% ”.
(5) In section 640 of ITTOIA 2005 (capital sums treated as income of the settlor: grossing-up of deemed income), in subsection (6)(b)—
(a) omit the “and” at the end of sub-paragraph (ii),
(b) in sub-paragraph (iii) for “or any subsequent tax year.” substitute “ , 2011-12 or 2012-13, and ”, and
(c) after that sub-paragraph insert—
“(iv) 45%, if the relevant year is the year 2013-14 or any subsequent tax year.”
(6) The amendments made by subsections (3) to (5) have effect for the tax year 2013-14 and subsequent tax years.

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Source: https://www.legislation.gov.uk/ukpga/2012/14/section/1 (the official version)
Page: https://openlegislation.uk/finance-act-2012/section-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.