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Finance Act, 1979

Amendment of section 5 (charge of income tax) of Finance Act, 1977.

2.—(1) Section 5 of the Finance Act, 1977 , is hereby amended, as respects the year 1979–80 and subsequent years of assessment—

(a) by the substitution of “the first two rates” for “the first three rates” in subsection (1), and

(b) by the substitution of the following Table for the Table to subsection (1) of the said section :

“TABLE

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £1,100

25 per cent.

the reduced rate

the next £3,000

35 per cent.

the standard rate

the next £1,500

45 per cent.

}

the higher rates

the next £1,000

50 per cent.

the remainder

60 per cent.

”

(2) Part I of the First Schedule shall have effect for the purpose of supplementing subsection (1).