Starting at the Deep End

14 February 2001 / Malcolm Gunn

Issue: 3794 / Categories: Comment & Analysis

MALCOLM GUNN FTII, TEP runs through the basics of personal tax after the Finance Act 2000.

ARE YOU FED up with mind boggling tax problems which make your brain ache? If so be comforted. This week these pages of Taxation are devoted to something easy. It is the basics of personal tax now that you have finished your 1999-2000 self assessment panic. I am not even going to get very far past section 1B Taxes Act 1988.
Five rates

Thanks to tax unsimplification since 1997 personal tax is now governed by three opening sections in the Taxes Act. For 2000-01 section 1(2) provides for:
(i) A starting rate of £1 520
(ii) A basic rate from £1 521 to £28 400
(iii) A higher rate from £28 401 upwards.
Section 1A provides for a charge at the lower rate of (currently) 20 per cent on savings income and section 1B provides for the Schedule F ordinary rate of 10 per...

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