21 Charge and rates of income tax for 1991-92.U.K.
(1)Income tax shall be charged for the year 1991-92, and—
(a)the basic rate shall be 25 per cent.,
(b)the basic rate limit shall be £23,700, and
(c)the higher rate shall be 40 per cent.
(2)In accordance with subsection (1)(b) above, section 1(4) of the Taxes Act 1988 (indexation) shall not apply for the year 1991-92.