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Finance Act, 1992
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Alteration of rates of income tax.

2.—(1) As respects the year of assessment 1992-93 and subsequent years of assessment—

(a) section 2 of the Finance Act, 1991 , is hereby amended by 45 the substitution of the following Table for the Table to that section:

“TABLE

PART I

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £7,475

27 per cent.

the standard rate

The remainder

48 per cent.

the higher rate

PART II

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £14,950

27 per cent.

the standard rate

The remainder

48 per cent.

the higher rate

”,

and

(b) any reference in the Tax Acts to the higher rates shall be construed as a reference to the higher rate.

(2) (a) Section 198 of the Income Tax Act, 1967 , is hereby amended, as respects the year of assessment 1992-93 and subsequent years of assessment, by the substitution in subsections (1) (b) and (3) of “ section 2 of the Finance Act, 1991 ” for “ section 8 of the Finance Act, 1980 ”.

(b) The reference to section 8 of the Finance Act, 1980 , in subsection (1) (b), and in subsection (3), of section 198 of the Income Tax Act, 1967 , shall in each case be construed and be deemed always to have been construed—

(i) as respects the years of assessment 1984-85 to 1990-91, as a reference to section 2 of the Finance Act, 1984 , and

(ii) as respects the year of assessment 1991-92, as a reference to section 2 of the Finance Act, 1991 .