Finance Act, 1991
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FIRST SCHEDULE Amendment of Enactments | ||
Sections 2 and 3 . | ||
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PART I Amendments Consequential on Changes in Rates of Tax | ||
1. Section 1 (1) of the Income Tax Act, 1967 , is, in relation to income tax for the year 1991-92 and subsequent years of assessment, hereby amended— | ||
(i) by the substitution of the following definition for the definition of “higher rates” (inserted by the Finance Act, 1984 ): | ||
“‘higher rates’, in relation to tax, means the rates of tax, known by that description, provided for in section 2 of the Finance Act, 1991;”, | ||
and | ||
(ii) by the substitution of the following definition for the definition of “standard rate” (inserted by the Finance Act, 1984 ): | ||
“‘standard rate’, in relation to tax, means the rate of tax, known by that description, provided for in section 2 of the Finance Act, 1991;”. | ||
2. (1) The reference in subsection (1) of section 3 of the Finance Act, 1974 , to the rate of 35 per cent. shall be construed, and be always deemed to have been construed, as respects the year 1989-90, as a reference to the rate of 32 per cent. and, as respects the year 1990-91, as a reference to the rate of 30 per cent. | ||
(2) Section 3 of the Finance Act, 1974 , shall not apply or have effect for the year 1991-92 or any subsequent year of assessment. | ||
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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 “£4,200” for “£4,100” (inserted by the Finance Act, 1988 ), | ||
(ii) in paragraph (b) (as amended by the Finance Act, 1988 ), by the substitution of “£2,600” for “£2,550” and of “£4,200” for “£4,100”, and | ||
(iii) in paragraph (c), by the substitution of “£2,100” for “£2,050” (inserted by the Finance Act, 1988 ), | ||
and | ||
(b) in section 138A (2) (inserted by the Finance Act, 1985 ), by the substitution of “£1,600” for “£1,550” (inserted by the Finance Act, 1988 ) and of “£2,100” for “£2,050” (inserted by the Finance Act, 1988 ). |