10Charge etc. for 1992-93
(1)Income tax shall be charged for the year 1992-93, and for that year—
(a)the lower rate shall be 20 per cent.,
(b)the basic rate shall be 25 per cent., and
(c)the higher rate shall be 40 per cent.
(2)For the year 1992-93 the basic rate limit shall be £23,700, and for that year—
(a)section 1(4) of the Taxes Act 1988 (indexation) shall not apply;
(b)section 1(2)(b) of that Act (higher rate) shall apply as if the amount specified in it were £23,700.
(3)Section 257C(1) of the Taxes Act 1988 (indexation), so far as relating to section 257A(1) of that Act (married couple’s allowance), shall not apply for the year 1992-93; and section 257A(1) of that Act shall apply for the year 1992-93 as if the amount specified in it were £1,720.
(4)For the year 1992-93 the qualifying maximum defined in section 367(5) of the Taxes Act 1988 (limit on relief for interest on certain loans) shall be £30,000.
(5)This section shall not require any change to be made in the amounts deductible or repayable under section 203 of the Taxes Act 1988 (PAYE) before 18th May 1992.