Finance Act, 1980

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Charge of income tax for 1980-81 and subsequent years.

8.—Where a person who is charged to income tax for the year 1980-81 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, notwithstanding anything in the Income Tax Acts but subject to section 5 (3) of the Finance Act, 1974 , be charged to tax on his taxable income—

(a) in a case in which he is assessed to tax otherwise than in accordance with the provisions of section 194 of the Income Tax Act, 1967 , at the rates specified in Part I of the Table to this section, or

(b) in a case in which he is assessed to tax in accordance with the provisions of the said section 194, at the rates specified in Part II of the said Table,

and

(i) each of the first two rates in each part of that Table, and

(ii) the other rates in each Part of that Table shall be known, respectively, by the description specified in column (3), in each Part of the Table opposite the mention of the rate or rates, as the case may be, in column (2) of that Part.

TABLE

PART I

Part of taxable income	Rate of tax		Description of rate
(1)	(2)		(3)
The first £1,000	25 per cent.		the reduced rate
The next £4,000	35 per cent.		the standard rate
The next £2,000	45 per cent.	}	the higher rates
The next £2,000	55 per cent.
The remainder	60 per cent.

PART II

Part of taxable income	Rate of tax		Description of rate
(1)	(2)		(3)
The first £2,000	25 per cent.		the reduced rate
The next £8,000	35 per cent.		the standard rate
The next £4,000	45 per cent.	}	the higher rates
The next £4,000	55 per cent.
The remainder	60 per cent.

Finance Act, 1980 Permanent Page URL

Finance Act, 1980

Permanent Page URL