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Finance Act 1920

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15Super-tax for 1920-21

(1)Super-tax shall be charged in respect of the income of any individual the total of which from all sources exceeds two thousand pounds, and Part II. of the Income Tax Act, 1918, shall have effect accordingly.

(2)The rates of super-tax for the year 1920-21 shall, for the purposes of section four of the Income Tax Act, 1918, as amended by this Act, be as follows :—

In respect of the first two thousand pounds of the incomeNil.

In respect of the excess over two thousand pounds—

For every pound of the first five hundred pounds of the excess

One shilling and sixpence.
For every pound of the next five hundred pounds of the excessTwo shillings.
For every pound of the next one thousand pounds of the excessTwo shillings and sixpence.
For every pound of the next one thousand pounds of the excessThree shillings.
For every pound of the next one thousand pounds of the excessThree shillings and sixpence.
For every pound of the next one thousand pounds of the excessFour shillings.
For every pound of the next one thousand pounds of the excessFour shillings and sixpence.
For every pound of the next twelve thousand pounds of the excessFive shillings.
For every pound of the next ten thousand pounds of the excessFive shillings and sixpence.
For every pound of the remainder of the excessSix shillings.

(3)All such enactments relating to super-tax as were in force with respect to the super-tax granted for the year 1919-20 shall have full force and effect with respect to the super-tax granted under this section.

(4)In estimating the total income of any individual for the purpose of super-tax, the amount of any earned income shall be taken to be the full amount of that income without the deduction of any allowance under this Part of this Act, and section five of the Income Tax Act, 1918, shall have effect accordingly.

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