Motion made, and Question,
(1) Income for the year 1981–82 shall be charged at the basic rate of 30 per cent.;
|Higher rate bands||Higher rate|
|The first||40 per cent.|
|The second||45 per cent.|
|The third||50 per cent.|
|The fourth||55 per cent.|
|The fifth||60 per cent.|
(2) Section 24(4) of the Finance Act 1980 (increase of basic rate limit, higher rate bands and investment income threshold) shall not apply for the year 1981–82.
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.