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Finance (No. 2) Act 1945

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This is the original version (as it was originally enacted).

17Increase of certain reliefs for 1946-47 and subsequent years

(1)Subsection (2) of section forty of the Finance Act, 1927 (which, as amended by subsequent enactments, provides for the reduction of the tax remaining chargeable after the allowance of other reliefs by a sum equal to seven-twentieths of the amount so remaining chargeable or seven-twentieths of the tax on one hundred and sixty-five pounds, whichever is the less) shall, as respects the year 1946-47 and all subsequent years of assessment, have effect as if the words—

  • " equal—

    (a)

    where the amount so remaining chargeable does not exceed the tax at the standard rate on fifty pounds, to two-thirds of that amount; and

    (b)

    where that amount exceeds the tax at the standard rate on fifty pounds, to two-thirds of the tax at the standard rate on fifty pounds plus— (i) one-third of the excess; or

    (i)

    one-third of the tax at the standard rate on seventy-five pounds, whichever is the less: " were substituted for the words

    equal to seven-twentieths of the amount so remaining chargeable p/ equal to seven-twentieths the tax at the standard rate on one hundred and sixty-five pounds, whichever is the less.

(2)Section eighteen of the Finance Act, 1920 (which, as amended by subsequent enactments, provides, in the case of married persons, for a deduction of tax on one hundred and forty pounds, and, in the case of single persons, for a deduction of tax on eighty pounds) shall, as respects the year 1946-47 and all subsequent years of assessment, have effect as if—

(a)

the words " one hundred and eighty pounds " were substituted for the words

one hundred and forty pounds; and

(b)

in subsection (1) thereof, the words " one hundred and ten pounds " were substituted for the words

eighty pounds.

(3)Section nineteen of the Finance Act, 1935 (which, as amended by subsequent enactments, exempts from tax incomes not exceeding one hundred and ten pounds and limits the tax on incomes exceeding one hundred and ten pounds but less than one hundred and thirty-three pounds to three-quarters of the excess) shall, as respects the year 1946-47 and all subsequent years of assessment, have effect as if—

(a)the words " one hundred and twenty pounds " were substituted for the words

one hundred and ten poundsin both places where they occur; and

(b)the words " one hundred and thirty-five pounds " were substituted for the words " one hundred and thirty-three pounds ''; and

(c)the words " one-quarter " were substituted for the words

three-quarters.

(4)Section seven of the Finance Act, 1941 (which provides for the crediting, after the war, of certain amounts of income tax) shall not apply to tax for the year 1946-47 or any subsequent year of assessment.

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