HC Deb 16 March 1981 vol 1 c144

Motion made, and Question, That— (1) Income for the year 1981–82 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 exceeds the basic rate limit 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 the investment income threshold at the additional rate of 15 per cent.
TABLE
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.