Finance Act, 1985

Alteration of rates of income tax.

2.Section 2 of the Finance Act, 1984 , is hereby amended, as respects the year 1985-86 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section:

“TABLE

PART I

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £4,500

35 per cent.

the standard rate

The next £2,800

48 per cent.

}

the higher rates

The remainder

60 per cent.

PART II

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £9,000

35 per cent.

the standard rate

The next £5,600

48 per cent.

}

the higher rates

The remainder

60 per cent.