Part IV Income Tax, Corporation Tax and Capital Gains Tax
Chapter I Principal provisions
Income tax charge, rates and reliefs
72 Charge and rates of income tax for 1996-97.
F21
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F22
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F13
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73 Application of lower rate to income from savings.
F41
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F42
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F43
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4
Schedule 6 to this Act (which makes further amendments in connection with the charge at the lower rate on income from savings etc.) shall have effect.
F35
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F574 Personal allowances for 1996-97.
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F575 Blind person’s allowance.
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F576 Limit on relief for interest.
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Corporation tax charge and rate
77 Charge and rate of corporation tax for 1996.
Corporation tax shall be charged for the financial year 1996 at the rate of 33 per cent.
F678 Small companies.
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Abolition of Schedule C charge etc.
79 Abolition of Schedule C charge etc.
1
The charge to tax under Schedule C is abolished—
a
for the purposes of income tax, for the year 1996-97 and subsequent years of assessment;
b
for the purposes of corporation tax, for accounting periods ending after 31st March 1996.
2
Schedule 7 to this Act (which, together with Chapter II of this Part of this Act, makes provision for imposing a charge under Schedule D on descriptions of income previously charged under Schedule C, and makes connected amendments) shall have effect.