HC Deb 12 April 1976 vol 909 c1052

Motion made, and Question, That income tax for the year 1976–77 shall be charged at the basic rate of 35 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 sixty-five 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.

Part of excess over £4,500 Higher rate
The first £500 40 per cent.
The next £1,000 45 per cent.
The next £1,000 50 per cent.
The next £1,000 55 per cent.
The next £2,000 60 per cent.
The next £2,000 65 per cent.
The next £3,000 70 per cent.
The next £5,000 75 per cent.
The remainder 83 per cent.
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.