Finance Act, 2001

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Alteration of rates of income tax.

3.—Section 15 of the Principal Act is amended—

(a) as respects the year of assessment 2001 and subsequent years of assessment, by the substitution of the following for subsection (4):

“(4) For the purposes of subsection (3), ‘specified income’ means total income after deducting from such income any deduction attributable to a specific source of income and any relevant interest within the meaning of Chapter 4 of Part 8.”,

(b) as respects the year of assessment 2001—

(i) by the substitution in subsection (3) of “£8,140” for “£6,000”, and

(ii) by the substitution of the following Table for the Table to that section:

“TABLE

PART 1

Part of taxable income	Rate of tax	Description of rate
(1)	(2)	(3)
The first £14,800	20 per cent	the standard rate
The remainder	42 per cent	the higher rate

PART 2

Part of taxable income	Rate of tax	Description of rate
(1)	(2)	(3)
The first £17,131	20 per cent	the standard rate
The remainder	42 per cent	the higher rate

PART 3

Part of taxable income	Rate of tax	Description of rate
(1)	(2)	(3)
The first £21,460	20 per cent	the standard rate
The remainder	42 per cent	the higher rate

and

(i) by the substitution in subsection (3) of “€13,967” for “£6,000”, and