531C Rate of charge

Summary

This section details the rate of charge to apply for income levy purposes to an individual’s aggregate income. It sets out the composite rates which apply for 2009 and the rates applicable to 2010.

Details

(1) Subsection (1) provides a Table setting out the composite annualised rates of levy to be applied for the year of assessment 2009. Using a composite rate for the year of assessment averages out the rate of levy payable and ensures that employees will not be charged levy for the year in excess of the levy deducted under the rates applying before and after 1 May.

The composite rate for the year of assessment has been determined as:

(2) Subsection (2) sets out a further Table of rates of income levy that will apply for 2010 and subsequent years of –

Relevant Date: Finance Act 2021