Finance Act, 1992

Alteration of rates of income tax.

2.—(1) As respects the year of assessment 1992-93 and subsequent years of assessment—

(a) section 2 of the Finance Act, 1991 , is hereby amended by 45 the substitution of the following Table for the Table to that section:

“TABLE

PART I

PART II

”,

and

(b) any reference in the Tax Acts to the higher rates shall be construed as a reference to the higher rate.

(2) (a) Section 198 of the Income Tax Act, 1967 , is hereby amended, as respects the year of assessment 1992-93 and subsequent years of assessment, by the substitution in subsections (1) (b) and (3) of “section 2 of the Finance Act, 1991 ” for “ section 8 of the Finance Act, 1980 ”.

(b) The reference to section 8 of the Finance Act, 1980 , in subsection (1) (b), and in subsection (3), of section 198 of the Income Tax Act, 1967 , shall in each case be construed and be deemed always to have been construed—

(i) as respects the years of assessment 1984-85 to 1990-91, as a reference to section 2 of the Finance Act, 1984 , and

(ii) as respects the year of assessment 1991-92, as a reference to section 2 of the Finance Act, 1991 .