Finance Act, 1990

Alteration of rates of income tax.

2.Section 2 of the Finance Act, 1984 , is hereby amended, as respects the year 1990-91 and subsequent years of assessment, by the substitution of the following Table for the Table to the said section:

“TABLE

PART I

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £6,500

30 per cent.

the standard rate

The next £3,100

48 per cent.

the higher rates

The remainder

53 per cent.

PART II

Part of taxable income

Rate of tax

Description of rate

(1)

(2)

(3)

The first £13,000

30 per cent.

the standard rate

The next £6,200

48 per cent.

the higher rates

The remainder

53 per cent.”.