Finance Act 1978

13 Charge of income tax for 1978-79

Income tax for the year 1978-79 shall be charged at the basic rate of 33 per cent.; and—

(a) in respect of so much of an individual's total income as does not exceed £750 at the rate of 25 per cent.;

(b) in respect of so much of an individual's total income as exceeds £8,000 at such higher rates as are specified in the Table below; and

(c) in respect of so much of the investment income included in an individual's total income as exceeds £1,700 at the additional rates of 10 per cent. for the first £550 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, paragraph (c) above shall have effect with the substitution for the references to £1,700 and £550 of references to £2,500 and £500 respectively.

TABLE

Part of excess over £8,000	Higher rate
The first £1,000	40 per cent.
The next £1,000	45 per cent.
The next £1,000	50 per cent.
The next £1,500	55 per cent.
The next £1,500	60 per cent.
The next £2,000	65 per cent.
The next £2,500	70 per cent.
The next £5,500	75 per cent.
The remainder	83 per cent.