Finance (No. 2) Act, 1975

Increase in certain rates of income tax for 1975-76.

1.—(1) Section 3 of the Finance Act, 1974 , as amended by section 10 of the Finance Act, 1975 , shall have effect, in relation to the charge to income tax for the year 1975-76 in respect of so much (if any) of the taxable income for that year as exceeds £1,550 of an individual (other than an individual acting in a fiduciary or representative capacity) who is chargeable to income tax for that year, as if each rate of tax referred to in paragraphs (b) and (c) of subsection (2) were increased by 10 per cent. of that rate.

(2) Each reference to the standard rate in section 127 (1) (e), the proviso to section 143 (3) (b) (inserted by the Finance Act, 1975 ), section 153 (1) (dd), section 233 (2) (b) and section 525 (1) (i) of the Income Tax Act, 1967 , shall, in respect of the standard rate of tax in relation to the year 1975-76, be construed as a reference to the standard rate increased by 10 per cent. of that rate.

(3) Section 497 of the Income Tax Act, 1967 , shall have effect, in respect of repayments of income tax falling to be made for the year 1975-76, as if at the standard rate, at that rate increased by 10 per cent. of that rate or at one or more of the higher rates increased, in the case of each such rate, by 10 per cent. of that rate, as may be appropriate” were substituted for “at the standard rate of tax or at the higher rate or rates, as the case may be”.

(4) Where an assessment to income tax for the year 1975–76 has been made upon an individual before the commencement of this Act, such additional assessment as may be necessary to give effect to the provisions of this section may be made on the individual by an inspector.