Finance Act, 1993
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FIRST SCHEDULE Amendment of Enactments | ||
Sections 2 and 3 . | ||
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PART I Amendments Consequential on Changes in Rates of Tax | ||
1. Section 1 (1) of the Income Tax Act, 1967 , is, in relation to the year of assessment 1993-94 and subsequent years of assessment, hereby amended by the substitution of the following definition for the definition of “higher rates” (inserted by the Finance Act, 1991 ): | ||
“‘higher rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 (as amended by the Finance Act, 1993) of the Finance Act, 1992 ;”. | ||
2. As respects the year of assessment 1993-94 and subsequent years of assessment, references in the Tax Acts to the higher rates shall be construed as references to the higher rate as defined in section 1 (1) (inserted by this Act) of the Income Tax Act, 1967 . | ||
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PART II Amendments Consequential on Changes in Personal Reliefs | ||
The Income Tax Act, 1967 , is hereby amended in accordance with the following provisions: | ||
(a) in section 138— | ||
(i) in paragraph (a), by the substitution of “£4,350” for “£4,200” (inserted by the Finance Act, 1991 ), | ||
(ii) in paragraph (b) (as amended by the Finance Act, 1988 ), by the substitution of “£2,675” and “£4,350”, respectively, for “£2,600” and “£4,200” (inserted by the Finance Act, 1991 ), and | ||
(iii) in paragraph (c), by the substitution of “£2,175” for “£2,100” (inserted by the Finance Act, 1991 ), | ||
and | ||
(b) in section 138A (2) (inserted by the Finance Act, 1985 ), by the substitution of “£1,675” and “£2,175”, respectively, for “£1,600” and “£2,100” (inserted by the Finance Act, 1991 ). |