Finance Act, 1977

Charge of income tax for 1977-78 and subsequent years.

5.—(1) Where a person who is charged to income tax for the year 1977-78 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, notwithstanding anything in the Income Tax Acts but subject to section 5 (3) of the Finance Act, 1974 , be charged to tax on his taxable income at the rates specified in the following Table and

(a) each of the first three rates in that Table, and

(b) the other rates in that Table,

shall be known, respectively, by the description specified in column (3) of that Table opposite the mention of the rate or rates, as the case may be, in column (2) of that Table.


Part of taxable income

Rate of tax

Description of rate




The first    £500

20 per cent.

the initial rate

The next £1,000

25 per cent.

the reduced rate

The next £3,000

35 per cent.

the standard rate

The next £1,500

45 per cent.


The next £1,000

50 per cent.

the higher rates

The remainder

60 per cent.

(2) Part II of the First Schedule shall have effect for the purpose of supplementing subsection (1).