Finance Act, 2001

Alteration of rates of income tax.

3.—Section 15 of the Principal Act is amended—

(a) as respects the year of assessment 2001 and subsequent years of assessment, by the substitution of the following for subsection (4):

“(4) For the purposes of subsection (3), ‘specified income’ means total income after deducting from such income any deduction attributable to a specific source of income and any relevant interest within the meaning of Chapter 4 of Part 8.”,

(b) as respects the year of assessment 2001—

(i) by the substitution in subsection (3) of “£8,140” for “£6,000”, and

(ii) 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 £14,800

20 per cent

the standard rate

The remainder

42 per cent

the higher rate

PART 2

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £17,131

20 per cent

the standard rate

The remainder

42 per cent

the higher rate

PART 3

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £21,460

20 per cent

the standard rate

The remainder

42 per cent

the higher rate

and

(c) as respects the year of assessment 2002 and subsequent years of assessment—

(i) by the substitution in subsection (3) of “€13,967” for “£6,000”, and

(ii) 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 €25,395

20 per cent

the standard rate

The remainder

42 per cent

the higher rate

PART 2

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first €29,395

20 per cent

the standard rate

The remainder

42 per cent

the higher rate

PART 3

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first €36,823

20 per cent

the standard rate

The remainder

42 per cent

the higher rate