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Finance Act 1950

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24Increase in reduced rate relief and consequential alteration in marginal relief for small incomes

(1)In subsection (2) of section forty of the Finance Act, 1927 (which, as amended by section seventeen of the Finance (No. 2) Act, 1945, and section twenty-eight of the Finance Act, 1948, provides for the relief from income tax commonly known as the reduced rate relief), the words " thirteen-eighteenths" shall throughout be substituted for the words

two-thirds

and the words " four-ninths " shall throughout be substituted for the words

one-third.

(2)In subsection (2) of-section nineteen of the Finance Act, 1935 (which, as amended by subsequent enactments, limits the tax on incomes exceeding one hundred and thirty-five pounds but less than one hundred and sixty pounds to three-tenths of the excess), the words " one-quarter " shall be substituted for the words

three-tenths.

(3)The additional relief afforded by this section for the year 1950-51 shall not be deemed to have affected the amount of tax deductible or repayable before the eighth day of June, nineteen hundred and fifty.

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