HC Deb 05 November 1970 vol 805 c1406

Resolved. That—

  1. (a) income tax for the year 1971–72 shall be charged at the standard rate of 38.75 per cent. and, in the case of an individual whose total income exceeds£2,500, at such higher rates in respect of the excess over£2,000 as Parliament may hereafter determine; and
  2. (b) sections 6(2) and 7(b) of the Income and Corporation Taxes Act 1970 (marginal relief for persons with small incomes) shall be amended, for that and subsequent years of assessment, by substituting—
    1. (i) for the reference in section 6(2) to 55 per cent. a reference to 52.5 per cent.; and
    2. (ii) for the reference in section 7(b) to 50 per cent. a reference to 47.5 per cent.—[Mr. Patrick Jenkin.]