Finance Act, 1998

Alteration of rates of income tax.

3.Section 15 of the Principal Act is hereby amended, as respects the year of assessment 1998-99 and subsequent years of assessment, by the substitution of the following Table for the Table to that section:

“TABLE

PART 1

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £10,000

24 per cent

the standard rate

The remainder

46 per cent

the higher rate

PART 2

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £20,000

24 per cent

the standard rate

The remainder

46 per cent

the higher rate