PART IIncome Tax, Corporation Tax and Capital Gains Tax
1Basic rate limit, higher rate bands and investment income threshold
For the year 1983-84 income tax shall be charged—
a
in respect of so much of an individual's total income as exceeds £14,600 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 £7,100 at the additional rate of 15 per cent.
TABLE
Part of excess over £14,600 | Higher rate |
|---|---|
The first £2,600 | 40 per cent. |
The next £4,600 | 45 per cent. |
The next £7,100 | 50 per cent. |
The next £7,100 | 55 per cent. |
The remainder | 60 per cent.; |
and subsection (1) of section 32 of the [1971 c. 68.] Finance Act 1971 (charge of income tax) shall have effect accordingly.