HC Deb 01 April 1974 vol 871 cc1015-6

Motion made, and Question, That income tax for the year 1974–75 shall be charged at the basic rate of 33 per cent. and—

  1. (a) in respect of so much of an individual's total income as exceeds £4,500 at such higher rates as are specified in the Table below; and
  2. (b) in respect of so much of the investment income included in an individual's total income as exceeds £1,000 at the additional rates of 10 per cent. for the first £1,000 of the excess and 15 per cent. for the remainder;
except that, in the case of an individual who shows that, at any time within that year, his age or that of his wife living with him was 65 years or more, income tax at the additional rate of 10 per cent. shall not be charged in respect of the first £500 of the excess mentioned in paragraph (b) above.

TABLE
Part of excess over £4,500 Higher rate per cent.
The first £500 38
The next £1,000 43
The next £1,000 48
The next £1,000 53
The next £2,000 58
The next £2,000 63
The next £3,000 68
The next £5,000 73
The remainder 83

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 1968.—[Mr. Healey.]

put forthwith pursuant to Standing Order No. 94 (Ways and Means motions), and agreed to.

Mr. Speaker

There does not seem to be much questioning of these motions so far. Therefore, with the approval of the House—I want to make it clear what I am doing, because this is an innovation—I will now put Motions Nos. 13 to 33 together, if that is not objected to by any hon. Member.