Section 15 of the Principal Act is amended -
(a) as respects the year of assessment 2001 and subsequent years of assessment, by the substitution of the following for subsection (4):
"(4) For the purposes of subsection (3), 'specified income' means total income after deducting from such income any deduction attributable to a specific source of income and any relevant interest within the meaning of Chapter 4 of Part 8.",
(b) as respects the year of assessment 2001 -
(i) by the substitution in subsection (3) of "£8,140" for "£6,000", and
(ii) by the substitution of the following Table for the Table to that section:
"Table
|
Part 1 |
||
|---|---|---|
|
Part of taxable income |
Rate of tax |
Description of rate |
|
(1) |
(2) |
(3) |
|
The first £14,800 |
20 per cent |
the standard rate |
|
The remainder |
42 per cent |
the higher rate |
|
Part 2 |
||
|---|---|---|
|
Part of taxable income |
Rate of tax |
Description of rate |
|
(1) |
(2) |
(3) |
|
The first £17,131 |
20 per cent |
the standard |