Finance Act, 1981

Alteration of rates of income tax.

3.Section 8 of the Finance Act, 1980 , is hereby amended, as respects the year 1981-82 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 £1,000

25 per cent.

the reduced rate

The next £4,500

35 per cent.

the standard rate

The next £2,000

45 percent.

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 £9,000

35 per cent.

the standard rate

The next £4,000

45 percent.

the higher rates

The next £4,000

55 per cent.

The remainder

60 per cent.