That income tax shall be charged for the year 1989–90, and—
- (a) the basic rate of tax shall be 25 per cent. and
- (b) the higher rate at which tax is charged in respect of so much of an individual's total income as exceeds the basic rate limit (£20,700) shall be 40 per cent.
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.]