Finance Act, 1959

PART I

Income Tax.

Income tax and sur-tax for the year 1959-60.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1959, at the rate of seven shillings in the pound.

(2) Section 4 of Finance Act, 1952 , is hereby amended by the substitution in both subsection (1) and subsection (2) of “eleven twenty-eighths” for “two-fifths” and “eleven-fourteenths” for “four-fifths”.

(3) Sur-tax for the year beginning on the 6th day of April, 1959, shall be charged in respect of the income of any individual the total of which from all sources exceeds two thousand pounds and shall be so charged at the following rates, that is to say:

In respect of the first two thousand pounds of the income

Nil

In respect of the excess over two thousand pounds,

for every pound of the first one thousand pounds of the excess

One shilling and sixpence.

for every pound of the next one thousand pounds of the excess

Three shillings.

for every pound of the next one thousand pounds of the excess

Four shillings.

for every pound of the next one thousand pounds of the excess

Five shillings.

for every pound of the next two thousand pounds of the excess

Six shillings.

for every pound of the next two thousand pounds of the excess

Seven shillings and sixpence.

for every pound of the next ten thousand pounds of the excess

Eight shillings.

for every pound of the remainder of the excess

Eight shillings and sixpence.

(4) The several statutory and other provisions which were in force on the 5th day of April, 1959, in relation to income tax and sur-tax and any such provisions which came into operation on the 6th day of April, 1959, in relation thereto shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1959.