HC Deb 18 June 1979 vol 968 cc1049C-50C

Motion made, and Question.

That—

(1) Income tax for the year 1979–80 shall be charged at the basic rate of 30 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 £10,000 at such 1050C 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 £5,000 at the additional rate of 15 per cent.
TABLE
Part of excess over £10,000 Higher rate
The first £2,000 40 per cent.
The next £3,000 45 per cent.
The next £5,000 50 per cent.
The next £5,000 55 per cent.
The remainder 60 per cent.

(2) This Resolution shall have effect in substitution for section 1(1) of the Finance Act 1979 but 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 6 October 1979.

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.—[Sir Geoffrey Howe.]

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