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 M1Finance Act 1980 (increase of basic rate limit, higher rate bands and investment income threshold) shall not apply for the year 1982-83.