I move:
(1) That, in relation to income tax for the year 1980-81 and any subsequent year of assessment—
(a) section 5 (1) of the Finance Act, 1977, shall be amended by the substitution of the Table to this subparagraph for the Table to that subsection:
TABLE
Part of taxable income (1) |
Rate of tax (2) |
Description of rate (3) |
The first £1,000 |
25 per cent. |
the reduced rate |
The next £4,000 |
35 per cent. |
the standard rate |
The next £2,000 |
45 per cent. |
|
The next £2,000 |
55 per cent. |
the higher rates |
The remainder |
60 per cent. |
, and
(b) (i) where a deduction falls to be made from the total income of an individual in respect of relief to which the individual is entitled under the provision mentioned in column (1) of the Table to this clause and the amount of the deduction would, but for this clause, be the amount specified in column (2) of the said Table, the amount of the deduction shall, in lieu of being the amount specified in the said column (2), be the amount specified in column (3) of the said Table:
TABLE
Statutory provision (1) |
Amount to be deducted from total income for 1979-80 (2) |
Amount to be deducted from total income for 1980-81 (3) |
£ |
£ |
|
Income Tax Act, 1967 (No. 6 of 1967): |
||
section 141 |
||
(child) |
218 |
195 |
, and
(ii) section 141 of the Income Tax Act, 1967, shall be amended by the substitution, in subsection (1A), of "£195" for "£218", and
(iii) section (3) of section 138 of the Income Tax Act, 1967, shall not apply or have effect.
(2) It is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927).