Finance Act, 1984

Charge of income tax for 1984-85 and subsequent years.

2.—(1) Where a person who is charged to income tax for the year 1984-85 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 (inserted by the Finance Act, 1980 ) 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 the rates in each Part of that Table, shall be known, respectively, by the description specified in column (3), in each such Part 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 £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 next £2,000

60 per cent

The remainder

65 per cent

PART II

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £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 next £4,000

60 per cent

The remainder

65 per cent

(2) Paragraph 1 of the Part I of the First Schedule shall have effect for the purpose of supplementing subsection (1) and paragraph 2 of the said Part I shall have effect for the purpose of supplementing section 8 of the Finance Act, 1980 .