Finance Act, 1942

PART I.

Income Tax.

Income tax and sur-tax for the year 1942-43.

1.—(1) Income tax shall be charged for the year beginning on the 6th day of April, 1942, at the rate of seven shillings and sixpence in the pound.

(2) Sur-tax (other than excess sur-tax) for the year beginning on the 6th day of April, 1942, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1941.

(3) Where the total income, within the meaning of section 5 of the Finance Act, 1941 (No. 14 of 1941), of any individual for the year beginning on the 6th day of April, 1942, exceeds one thousand five hundred pounds and includes any such profits as are mentioned in the said section 5, an additional duty of sur-tax (in this section referred to as excess sur-tax) shall be charged for the said year beginning on the 6th day of April, 1942, at the rate of seven shillings and sixpence in the pound in respect of so much of the said income as is made chargeable therewith by sub-section (1) of the said section 5 as modified and applied by the subsequent provisions of this section.

(4) The several statutory and other provisions which were in force on the 5th day of April, 1942, in relation to income tax and sur-tax (including excess sur-tax) shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax (including excess sur-tax) to be charged as aforesaid for the year beginning on the 6th day of April, 1942.

(5) In the application (by virtue of the next preceding sub-section of this section) of Part II of the Finance Act, 1941 (No. 14 of 1941), to the excess sur-tax to be charged as aforesaid for the year beginning on the 6th day of April. 1942, the said Part II shall have effect with and subject to the following modifications, that is to say:—

(a) the expression “the 6th day of April, 1942,” shall be substituted for the expression “the 6th day of April, 1941,” wherever that expression occurs in the said Part II;

(b) in paragraph (b) of sub-section (3) of section 7 of the said Act, the expression “the 5th day of April, 1943,” shall be substituted for the expression “the 5th day of April, 1942,” and the word “six” shall be substituted for the word “five” and the expression “the 5th day of April, 1942,” shall be substituted for the expression “the 5th day of April, 1941”.