Finance Act 1989 (c. 26)

Part II Income Tax, Corporation Tax and Capital Gains Tax

Chapter I General

Income tax rates and allowances

30 Charge and rates of income tax for 1989-90

(1) Income tax shall be charged for the year 1989-90, and the basic rate of tax shall be 25 per cent.

(2) The higher rate at which income tax is charged for the year 1989-90 in respect of so much of an individual’s total income as exceeds the basic rate limit (£20,700) shall be 40 per cent.