Motion made, and Question.
That income tax for the year 1975–76 shall be charged at the basic rate of 35 per cent. And—
except that, in the case of an individual who shows that, at any time within that year, his age or that of his wife living with him was 65 years or more, income tax at the additional rate of 10 per cent. shall not be charged in respect of the first £500 of the excess mentioned in paragraph (b) above.
Part of excess over £4,500
|The first £500||40 per cent.|
|The next £1,000||45 per cent.|
|The next £1,000||50 per cent.|
|The next £1,000||55 per cent.|
|The next £2,000||60 per cent.|
|The next £2,000||65 per cent.|
|The next £3,000||70 per cent.|
|The next £5,000||75 per cent.|
|The remainder||83 per cent.|
And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act 1968.—[ Mr. Healey.]
put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.