PART IIIIncome Tax, Corporation Tax and Capital Gains Tax

CHAPTER IGeneral

20Charge of income tax for 1982-83

1

Income tax for the year 1982-83 shall be charged at the basic rate of 30 per cent.; and—

a

in respect of so much of an individual's total income as exceeds £12,800 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 £6,250 at the additional rate of 15 per cent.

Part of excess over £12,800

Higher rate

The first £2,300

40 per cent.

The next £4,000

45 per cent.

The next £6.200

50 per cent.

The next £6,200

55 per cent.

The remainder

60 per cent.

2

Section 24(4) of the [1980 c. 48.] Finance Act 1980 (increase of basic rate limit, higher rate bands and investment income threshold) shall not apply for the year 1982-83.