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Finance Act 1977

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This is the original version (as it was originally enacted).

17Charge of income tax for 1977-78

Income tax for the year 1977-78 shall be charged at the basic rate of 34 per cent.; and—

(a)in respect of so much of an individual's total income as exceeds £6,000 at such higher rates as are specified in the Table below ; and

(b)in respect of so much of the investment income included in an individual's total income as exceeds £1,500 at the additional rates of 10 per cent. for the first £500 of the excess and 15 per cent. for the remainder;

except that, in the case of an individual who shows that, at any time within that year, his age or that of his wife living with him was sixty-five years or more, paragraph (b) above shall have effect with the substitution for the reference to £1,500 of a reference to £2,000. Table

Part of excess over £6,000Higher rate
The first £1,00040 per cent.
The next £1,00045 per cent.
The next £1,00050 per cent.
The next £1,00055 per cent.
The next £2,00060 per cent.
The next £2,00065 per cent.
The next £2,00070 per cent.
The next £5,00075 per cent.
The remainder83 per cent.

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