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Finance Act, 1961

PART I.

Income Tax.

Income tax and sur-tax for the year 1961-62.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1961, at the rate of six shillings and four pence in the pound, but the amounts of tax deductible or repayable under section 5 of the Finance (No. 2) Act, 1959 , shall, until the 15th day of May, 1961, be the same as if the rate were seven shillings in the pound, any necessary correction being made on or after that day by adjusting subsequent deductions or repayments under that section.

(2) Sur-tax for the year beginning on the 6th day of April, 1961, shall be charged in respect of the income of any individual the total of which from all sources exceeds two thousand five hundred pounds and shall be so charged at the following rates, that is to say :

In respect of the first two thousand five hundred pounds of the income

Nil.

In respect of the excess over two thousand five hundred pounds,

for every pound of the first two thousand pounds of the excess

Two shillings and sixpence.

for every pound of the next three thousand pounds of the excess

Five shillings.

for every pound of the remainder of the excess

Seven shillings and sixpence.

(3) The several statutory and other provisions which were in force on the 5th day of April, 1961, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1961.