Finance Act, 1940
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Rates of sur-tax for the year 1939-40. |
2.—(1) Notwithstanding anything to the contrary contained in the Finance Act, 1939 (No. 18 of 1939), the rates at which sur-tax for the year beginning on the 6th day of April, 1939, shall be charged in respect of the income of any individual which exceeds twenty thousand pounds shall (subject to the provisions of the next following sub-section of this section) be the several rates at which sur-tax is chargeable by virtue of section 1 of the Finance Act, 1938 (No. 25 of 1938), increased, in the case of each such rate, by twenty per cent. | |
(2) In the case of any individual to whom the foregoing sub-section of this section applies the amount of sur-tax with which he is charged by virtue of the said sub-section shall not exceed, and shall, where necessary, be reduced to, the sum of the following amounts, that is to say:— | ||
(a) the amount of the sur-tax which he would be liable to pay if his income had reached but had not exceeded twenty thousand pounds, and | ||
(b) the amount by which his income exceeds twenty thousand pounds reduced by income tax at the standard rate on such excess. |