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Motion made, and Question,
That—
(1) Income tax for the year 1985–86 shall be charged at the basic rate of 30 per cent. and, in respect of so much of an individual's total income as exceeds £16,200 (the basic rate limit as determined under subsection (4) of section 24 of the Finance Act 1980—indexation), at such higher rates as are specified in the Table below (in which the higher rate bands are those as so determined):
| TABLE | |
| Higher rate bands | Higher rate |
| The first £3,000… … … … … | 40 per cent. |
| The next £5,200… … … … … | 45 per cent. |
| The next £7,900… … … … … | 50 per cent. |
| The next £7,900… … … … … | 55 per cent. |
| The remainder … … … … … | 60 per cent. |
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(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 18th May 1985.
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. Lawson]
put forthwith pursuant to Standing Order No. 114 (Ways and Means motions), and agreed to.