Part II Income Tax, Corporation Tax and Capital Gains Tax
Chapter I General
Income tax rates and allowances
17 Rates and main allowances.
(1)
Income tax shall be charged for the year 1990-91, and—
(a)
the basic rate shall be 25 per cent.;
(b)
the basic rate limit shall be £20,700;
(c)
the higher rate shall be 40 per cent.; and
(d)
section 1(4) of the Taxes Act 1988 (indexation of basic rate limit) shall not apply.
(2)
In sections 1(5) and 257C(2) of the Taxes Act 1988, for the words from “between” to the end there shall be substituted the words “during the period beginning with 6th April and ending with 17th May in the year of assessment.”
(3)
In section 828 of that Act (orders and regulations), in subsection (4), for “257(11)” there shall be substituted “257C”.
(4)
Subsections (2) and (3) above shall have effect for the year 1990-91 and subsequent years of assessment.