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Charge of income tax for 1974-75 and subsequent years.
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3.—(1) Income tax shall be charged for the year 1974-75 and for each subsequent year of assessment and, subject to subsection (2), shall be so charged at the rate of 35 per cent, (which shall be known as the standard rate).
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(2) Where a person, who is charged to income tax for the year 1974-75 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, subject to section 5 (3), be charged to tax—
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(a) in respect of so much of his taxable income as does not exceed £1,550, at the rate of 26 per cent, (which shall be known as the reduced rate),
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(b) in respect of so much (if any) of his taxable income as exceeds £1,550 but does not exceed £4,350, at the standard rate, and
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(c) in respect of so much (if any) of his taxable income as exceeds £4,350, at the rates (which shall be known as the higher rates) specified in the following Table:
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Table
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Part of excess over £4,350
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Higher rate
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The first £2,000
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50 per cent.
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The next £2,000
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65 per cent.
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The remainder
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80 per cent.
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