Commentary on Sections Overview Overview Section 11: Income charged at the basic rate: other persons
49.This section charges tax at the basic rate on income of persons other than individuals. It is based on section 1(2) of ICTA.
50.Of the three main rates, only the basic rate applies. But other rates apply to specific sorts of income. In particular, savings income is charged at the savings rate and dividend income at the dividend ordinary rate. And income of discretionary and accumulation settlements is charged at the trust rates. There is a signpost to these exceptions in subsection (2).