Finance (No. 2) Act 1983

8 Reduction of tax

(1) Section 91(1) of the [1982 c. 39.] Finance Act 1982 (indexation of rate bands) shall not apply to chargeable transfers made in the year beginning with 6th April 1983.

(2) For the Tables in section 37(3) of the Finance Act 1975 there shall be substituted the Tables set out below.

FIRST TABLE

Portion of value		Rate of tax
Lower limit	Upper limit	Per cent.
£	£
0	60,000	Nil
60,000	80,000	30
80,000	110,000	35
110,000	140,000	40
140,000	175,000	45
175,000	220,000	50
220,000	270,000	55
270,000	700,000	60
700,000	1,325,000	65
1,325,000	2,650,000	70
2,650,000	—	75

SECOND TABLE

Portion of value		Rate of tax
Lower limit	Upper limit	Per cent.
£	£
0	60,000	Nil
60,000	80,000	15
80,000	110,000	17½
110,000	140,000	20
140,000	175,000	22½
175,000	220,000	25
220,000	270,000	30
270,000	700,000	35
700,000	1,325,000	40
1,325,000	2,650,000	45
2,650,000	—	50

(3) Subsection (2) above applies to any chargeable transfer made on or after 15th March 1983.