HC Deb 17 April 1978 vol 948 cc173-4

Motion made, and Question, That— (1) Income tax for the year 1978–79 shall be charged at the basic rate of 34 per cent.; and—

  1. (a) in respect of so much of an individual's total income as does not exceed £750 at the rate of 25 per cent.;
  2. (b) in respect of so much of an individual's total income as exceeds £7,000 at such higher rates as are specified in the Table below; and
  3. (c) in respect of so much of the investment income included in an individual's total income as exceeds £1,700 at the additional rates of 10 per cent. for the first £550 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, paragraph (c) above shall have effect with the substitution for the references to £1,700 and £550 of references to £2,500 and £500 respectively.
TABLE
Part of excess over £7,000 Higher rate
The first £1,000 40 per cent.
The next £1,000 45 per cent.
The next £1,000 50 per cent.
The next £1,500 55 per cent.
The next £1,500 60 per cent.
The next £2,000 65 per cent.
The next £2,500 70 pet cent.
The next £5,500 75 per cent.
The remainder 83 per cent.
(2) This Resolution shall not require any change to be made in the amounts deductible or repayable under section 204 of the Income and Corporation Taxes Act 1970 (pay as you earn) before 13th July 1978. 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.