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Finance Act, 1926

PART I.

Income Tax.

Income tax and super-tax for 1926-27.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1926, at the rate of four shillings in the pound.

(2) Super-tax shall be charged for the year beginning on the 6th day of April, 1926, at the following rates:—

In respect of the first two thousand pounds of the income

Nil

In respect of the excess over two thousand pounds—

For every pound of the first five hundred pounds of the excess

Ninepence

For every pound of the next five hundred pounds of the excess

One shilling

For every pound of the next one thousand pounds of the excess

One shilling and sixpence

For every pound of the next one thousand pounds of the excess

Two shillings and threepence

For every pound of the next one thousand pounds of the excess

Three shillings

For every pound of the next two thousand pounds of the excess

Three shillings and sixpence

For every pound of the next two thousand pounds of the excess

Four shillings

For every pound of the remainder of the excess

Four shillings and sixpence

(3) The several statutory and other provisions which were in force during the year beginning on the 6th day of April, 1925, in relation to income tax and super-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and the super-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1926.