4 Savings allowance, and savings nil rate etc
Finance Act 2016 (2016 c 24) | Legislation

Rate Structure

4  Savings allowance, and savings nil rate etc

(1)     ITA 2007 is amended in accordance with subsections (2) to (12).

(2)     In section 6(3)(a) (other rates: savings), after “starting rate for savings” insert “and savings nil rate”.

(3)     In section 7 (starting rate for savings)—

(a)     the existing text becomes subsection (1),

(b)     after that subsection insert—

“(2)     The savings nil rate is 0%.”, and

(c)     in the heading, after “starting rate for savings” insert “and savings nil rate”.

(4)     In section 10(4) (provisions displacing charge at basic, higher and additional rates), before the entry relating to section 13 insert—

“section 12A (savings income charged at the savings nil rate),”.

(5)     After section 12 insert—

“12A Savings income charged at the savings nil rate

(1)     This section applies in relation to an individual if—

(a)     the amount of the individual's Step 3 income is greater than £L, where £L is the amount of the starting rate limit for savings, and

(b)     when the individual's Step 3 income is split into two parts—

(i)     one (“the individual's income up to the starting rate for savings”) consisting of the lowest £L of the individual's Step 3 income, and

(ii)

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