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(1)Income tax for the year 1984-85 shall be charged at the basic rate of 30 per cent.; and in respect of so much of an individual's total income as exceeds the basic rate limit (£15,400) at such higher rates as are specified in the Table below :
Higher rate bands | Higher rate |
---|---|
The first (£2,800) | 40 per cent. |
The second (£4,900) | 45 per cent. |
The third (£7,500) | 50 per cent. |
The fourth (£7,500) | 55 per cent. |
The fifth | 60 per cent. |
and paragraphs (a) and (b) of subsection (1) of section 32 of the [1971 c. 68.] Finance Act 1971 (charge of tax at the basic and higher rates) shall have effect accordingly.
(2)The provisions of Schedule 7 to this Act shall have effect with respect to the additional rate for the year 1984-85 and subsequent years of assessment.
(3)In accordance with the provisions of Schedule 7 to this Act, for the year 1984-85 any sum which, by virtue of any provision of Part III of the [1973 c. 51.] Finance Act 1973 or Chapter I of Part III of the [1974 c. 30.] Finance Act 1974, is chargeable at the additional rate, as defined for the purposes of that provision, shall be charged to income tax at the additional rate of 15 per cent.
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