HC Deb 09 April 1962 vol 657 cc1011-2
Motion made, and Question.
but this Resolution shall not require any change to be made in the amounts deducted or repaid under section one hundred and fifty-seven (pay as you earn) of the Income Tax Act, 1952, before the twenty-second day of June, nineeteen hundred and sixty-two.
- (a) in section fifteen of the Finance Act, 1952 (relief for persons under sixty-five with small incomes) for the references to three-hundred pounds (the income limit for the full relief) there shall be substituted in all places references to four hundred pounds, and (as regards the marginal relief)—
- (i) for the reference to four hundred and five pounds (the income limit for the marginal relief) there shall be substituted a reference to five hundred and fifty pounds; and
- (ii) for the reference to two-fifths (the fraction governing the marginal relief) there shall be substituted a reference to one-half;
- (b) in section thirteen of the Finance Act, 1957 (relief for persons over sixty-five with small incomes)—
- (i) for the references to two hundred and seventy-five pounds and four hundred and forty pounds (the income limits for exemption) there shall be substituted references to three hundred pounds and four hundred and eighty pounds respectively; and
- (ii) for the reference to fifty-five pounds (the excess over those limits by reference to which relief by reduction of tax is limited) there shall be substitued a reference to seventy-five pounds;
And it is hereby declared that is 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. Lloyd.]
put and agreed to.