Finance Act 1977

17 Charge of income tax for 1977-78

Income tax for the year 1977-78 shall be charged at the basic rate of 34 per cent.; and—

(a) in respect of so much of an individual's total income as exceeds £6,000 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 £1,500 at the additional rates of 10 per cent. for the first £500 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 (b) above shall have effect with the substitution for the reference to £1,500 of a reference to £2,000.

TABLE

Part of excess over £6,000	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 £1,000	55 per cent.
The next £2,000	60 per cent.
The next £2,000	65 per cent.
The next £2,000	70 per cent.
The next £5,000	75 per cent.
The remainder	83 per cent.