Finance Act, 1991

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Charge of income tax for 1991-92 and subsequent years.

2.—(1) Income tax shall be charged for the year 1991-92 and for each subsequent year of assessment and shall, subject to subsection (2), be so charged at the rate of tax specified in the Table to this section as the standard rate.

(2) Where a person who is charged to income tax for the year 1991-92 or any subsequent year of assessment is an individual (other than an individual acting in a fiduciary or representative capacity), he shall, notwithstanding anything in the Income Tax Acts but subject to section 5 (3) of the Finance Act, 1974 , be charged to tax on his taxable income—

(a) in a case in which he is assessed to tax otherwise than in accordance with the provisions of section 194 (inserted by the Finance Act, 1980 ) of the Income Tax Act, 1967 , at the rates specified in Part I of the Table to this section, or

(b) in a case in which he is assessed to tax in accordance with the provisions of the said section 194, at the rates specified in Part II of the said Table,

and the rates in each Part of that Table shall be known, respectively, by the description specified in column (3), in each such Part opposite the mention of the rate or rates, as the case may be, in column (2) of that Part.

(3) Paragraph 1 of Part I of the First Schedule shall have effect for the purpose of supplementing subsection (2) and paragraph 2 of the said Part I shall have effect for the purpose of supplementing section 3 of the Finance Act, 1974 .

TABLE

PART I

PART II