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Finance (No. 2) Act 1975

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This is the original version (as it was originally enacted).

25Charge of income tax for 1975-76

Income tax for the year 1975-76 shall be charged at the basic rate of 35 per cent.; and

(a)in respect of so much of an individual's total income as exceeds £4,500 at such higher rates as are specified in the Table below ; and

(b)in respect of so much of the investment income included in an individual's total income as exceeds £1,000 at the additional rates of 10 per cent, for the first £1,000 of the excess and 15 per cent, for the remainder;

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 sixty-five 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.

TABLE
Part of excess over £4,500Higher rate
The first £50040 per cent.
The next £1,00045 per cent.
The next £1,00050 per cent.
The next £1,00055 per cent.
The next £2,00060 per cent.
The next £2,00065 per cent.
The next £3,00070 per cent.
The next £5,00075 per cent.
The remainder83 per cent.

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