1. HomeBaile
  2. ActsAchtanna
  3. 1972
  4. Finance Act, 1972

Finance Act, 1972

PART I

Income Tax

Chapter I

General

Charge of income tax and sur-tax.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1972, and for each subsequent year beginning on the 6th day of April, and shall be so charged at the rate of 35 per cent.

(2) The following subsections are hereby substituted for subsection (1) of section 522 of the Income Tax Act, 1967 :

“(1) In addition to the income tax charged by section 1 (1) of the Finance Act, 1972, an additional duty of income tax (in this Act referred to as sur-tax) shall be charged for the year beginning on the 6th day of April, 1972, and for each subsequent year beginning on the 6th day of April.

(IA) Sur-tax shall be charged in respect of the income for any such year of any individual the total of which from all sources for that year exceeds the aggregate of—

(a) £2,500, and

(b) the amount of any deductions to which the individual is entitled for that year under section 523,

and shall be so charged in respect of the excess at the following rates, that is to say:

for every pound of the first £2,000 of the excess

15 per cent.

for every pound of the next £2,000 of the excess

30 per cent.

for every pound of the remainder of the excess

45 per cent.”.