Finance (No. 2) Act 1975

25 Charge 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 £4,500	Higher rate
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.