Finance Act, 1988

Alteration of rates of income tax.

2.Section 2 of the Finance Act, 1986 , is hereby amended, as respects the year 1988-89 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 £5,700

35 per cent.

the standard rate

The next £2,900

48 per cent.

}

the higher rates

The remainder

58 per cent.

PART II

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £11,400

35 per cent.

the standard rate

The next £5,800

48 per cent.

}

the higher rates

The remainder

58 per cent.

”.