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Finance (No. 2) Act 1979

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5Charge of income tax for 1979-80

(1)Income tax for the year 1979-80 shall be charged at the basic rate of 30 per cent.; and—

(a)in respect of so much of an individual's total income as does not exceed £750 at the rate of 25 per cent.;

(b)in respect of so much of an individual's total income as exceeds £10,000 at such higher rates as are specified in the Table below ; and

(c)in respect of so much of the investment income included in an individual's total income as exceeds £5,000 at the additional rate of 15 per cent.

TABLE

Part of excess over £10,000Higher rate
The first £2,00040 per cent.
The next £3,00045 per cent.
The next £5,00050 per cent.
The next £5,00055 per cent.
The remainder60 per cent.

(2)This section has effect in substitution for section 1(1) of the [1979 c. 25.] Finance Act 1979 but does not require any change to be made in the amounts deductible or repayable under section 204 of the Taxes Act (pay as you earn) before 6th October 1979.

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