Finance Act, 1984

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FIRST SCHEDULE

Amendments of Enactments

Sections 2 and 3 .

PART I

Amendments Consequential on Changes in Rates of Tax

1. The Income Tax Act, 1967 , is, in relation to income tax for the year 1984-85 and subsequent years of assessment, hereby amended in accordance with the following provisions:

(a) in section 1 (1)—

(i) the following shall be substituted for the definition of “higher rates” (inserted by section 5 of the Finance Act, 1977 ):

“‘higher rates’, in relation to tax, means the rates of tax, known by that description, provided for in section 2 of the Finance Act, 1984;”,

(ii) the definition of “reduced rate” (inserted by section 5 of the Finance Act, 1977 ) shall be deleted, and

(iii) the following shall be substituted for the definition of “standard rate” (inserted by section 5 of the Finance Act, 1977 ):

“‘standard rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 of the Finance Act, 1984 ;”,

(b) section 153 (1) (dd) shall be deleted,

(c) in section 497 , “reduced rate”, in each place where it occurs, shall be deleted, and

(d) in section 525 (1), subparagraph (i) (b) shall be deleted.

2. The references in section 1 (1) of the Income Tax Act, 1967 , to section 5 of the Finance Act, 1977 , shall, as respects the years of assessment 1980-81 to 1983-84, be construed, and be deemed always to have been construed, as references to section 8 of the Finance Act, 1980 .

PART II

Amendments Consequential on Changes in Personal Reliefs

The Income Tax Act, 1967 , is hereby amended in accordance with the following provisions:

(a) in section 138 —

(i) in paragraph (a), by the substitution of “£3,600” for “£2,900”,

(ii) in paragraph (b), by the substitution of “£2,300” for “£1,950” and of “£3,600” for “£2,900”, and

(iii) in paragraph (c) by the substitution of “£1,800” for “£1,450”,

and

(b) in section 138A, by the substitution of “£1,300” for “£950” and of “£1,800” for “£1,450”.