|
Alteration of rates of income tax.
|
2.—
Section 8
of the
Finance Act, 1980
, is hereby amended, as respects the year 1983-84 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section:
|
| |
“TABLE
|
| |
PART I
|
| |
Part of taxable income
|
Rate of tax
|
Description of rate
|
(1)
|
(2)
|
(3)
|
The first £1,000
|
25 per cent.
|
the reduced rate
|
The next £3,000
|
35 per cent.
|
the standard rate
|
The next £2,000
|
45 per cent.
|
}
|
|
The next £2,000
|
55 per cent.
|
the higher rates
|
The next £2,000
|
60 per cent.
|
|
The remainder
|
65 per cent.
|
|
|
| |
PART II
|
| |
Part of taxable income
|
Rate of tax
|
Description of rate
|
(1)
|
(2)
|
(3)
|
The first £2,000
|
25 per cent.
|
the reduced rate
|
The next £6,000
|
35 per cent.
|
the standard rate
|
The next £4,000
|
45 per cent.
|
}
|
|
The next £4,000
|
55 per cent.
|
the higher rates
|
The next £4,000
|
60 per cent.
|
|
The remainder
|
65 per cent.
|
|
|
| |
”
|