Section 3 | Default and savings rates of income tax for tax year 2023-24

(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%.