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Finance (No. 2) Act 1931

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This is the original version (as it was originally enacted).

6Increase in standard rate of income tax for 1931-32

(1)The standard rate of income tax for the year 1931-32 shall be the rate of five shillings in the pound instead of the rate of four shillings and sixpence in the pound as provided by subsection (1) of section five of the Finance Act, 1931, and accordingly it is hereby declared that any deductions of tax made before the passing of this Act by reference to a rate of five shillings are to be treated for all purposes (including all the purposes of any legal proceedings instituted before the passing of this Act) as having been made by reference to the proper rate :

Provided that this subsection shall not invalidate anything done before the passing of this Act or render improper any deduction in respect of income tax made before the fifteenth day of October, nineteen hundred and thirty-one, which would have been a proper deduction if this Act had not passed.

(2)The provisions of the Third Schedule to this Act shall have effect for the purposes of and in connection with the change in the standard rate of income tax made by this section.

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