Part 3Income tax, corporation tax and capital gains tax

Chapter 1Income tax and corporation tax charge and rate bands

Income tax

23Charge and rates for 2004-05

Income tax shall be charged for the year 2004-05, and for that year—

(a)the starting rate shall be 10%;

(b)the basic rate shall be 22%;

(c)the higher rate shall be 40%.

24Personal allowances for those aged 65 or more

(1)For the year 2004-05—

(a)the amount specified in section 257(2) of the Taxes Act 1988 (claimant aged 65 or more) shall be £6,830; and

(b)the amount specified in section 257(3) of that Act (claimant aged 75 or more) shall be £6,950.

(2)Accordingly, section 257C(1) of that Act (indexation), so far as it relates to the amounts so specified, does not apply for that year.