HC Deb 07 April 1959 vol 603 cc72-4

10. income Tax (Charge and Ratesfor 1959–60)

Motion made, and Question, That

  1. (a)income tax for the year 1959-60 shall be charged at the standard rate of seven shillings and ninepence in the pound, and, in the case of an individual whose total income exceeds two thousand pounds, shall be charged in respect of the excess at rates in the pound which respectively exceed the standard rate by the amounts by which the higher rates for the year 1957-58 exceeded the standard rate for that year;
  2. (b)the reduced rates resulting from subsection (1) of section two hundred and twenty of the Income Tax Act, 1952 (that is, 2s. 3d., 4s. 9d. and 6s. 9d.) shall each be reduced by sixpence;
  3. (c)the fraction of the excess of a claimant's income over a specified figure which is to be taken for the purposes of relief under subsection (3) of section two hundred and eleven of the Income tax Act, 1952 (age relief) subsection (2) of section fifteen of the Finance Act, 1952 (small income relief) and paragraph (b) of subsection (1) of section thirteen of the Finance Act, 1957 (age exemption) shall be reduced by subtracting one-twentieth (that is, to eleven-twentieths. two-fifths and nine-twentieths respectively) and the limit of total income for the purposes 73 of subsection (2) of section fifteen of the Finance Act, 1952 shall be increased to four hundred and five pounds.
But the amounts of tax deductible or repayable under section one hundred and fifty-seven (pay as you earn) of the Income Tax Act, 1952 shall until the eighth day of June, nineteen hundred and fifty-nine be the same as if no such changes had been made as are above provided (any necessary correction being made on or after that day by adjusting subsequent deductions or repayments under that section or, if need be, by an assessment). And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.—[Mr. Amory..]

put and agreed to.

11. Income Tax (surtax rates for 1958–59)

Motion made, and Question. That income tax for the year 1958– 59 shall be charged, in the case of an individual whose total income exceeded two thousand pounds, at the same higher rates in respect of the excess as were charged for the year 1957– 58. And it is hereby declared that it is expedient in the public interest that this Resolution should have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1913.—[Mr. Amory.]

put and agreed to.

12. Income Tax (Capital Allowances)

Motion made, and Question, That further provision be made with respect to investment allowances and initial allowances.—[Mr. Amory.]

put and agreed to.

13. Income Tax (Purchase and resale of securities)

Motion made, and Question, That further provision be made, for income tax purposes for cases where securities, stocks or shares are purchased after the seventh day of April, nineteen hundred and fifty-nine so as to make interest or dividends receivable by the purchaser, and the purchaser resells the securities, stocks or shares or sells similar ones.—[Mr. Amory.]

put and agreed to.

14. Double Taxation: Irish Agreement

Motion made, and Question. That the Agreement between the United Kingdom Government and the Government of the Repblic of Ireland relating to the Agreements set out in the Eighteenth Schedule to the Income Tax Act. 1952, which was signed on the fourth day of April, nineteen hundred and fifty-nine, shall be confirmed and shall, subject to its being given the force of law in the Republic of Ireland, have effect accordingly.—[Mr. Amory.] put and agreed to.

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