[12B Individual's entitlement to a savings allowance]
Income Tax Act 2007 (2007 c 3) | Legislation

[12B  Individual's entitlement to a savings allowance]

[(1)     Subsections (2) to (4) determine the amount of an individual's savings allowance for a tax year.

(2)     If any of the individual's income for the year is additional-rate income, the individual's savings allowance for the year is nil.

(3)     If—

(a)     any of the individual's income for the year is higher-rate income, and

(b)     none of the individual's income for the year is additional-rate income,

the individual's savings allowance for the year is £500.

(4)     If none of the individual's income for the year is higher-rate income, the individual's savings allowance for the year is £1,000.

(5)     The Treasury may by regulations substitute a different amount for the amount for

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