- (1) Income tax shall be charged for the year 1993–94, and for that year—
- (a) the lower rate shall be 20 per cent.,
- (b) the basic rate shall be 25 per cent., and
- (c) the higher rate shall be 40 per cent.
- (2) For the year 1993–94 section 1(2) of the Income and Corporation Taxes Act 1988 shall apply as if—
- (a) the amount specified in paragraph (aa) were £2,500, and
- (b) the amount specified in paragraph (b) were £23,700; and accordingly section 1(4) of that Act shall not apply for the year 1993–94.
- (3) This Resolution shall not require any change to be made in the amounts deductible or repayable under section 203 of the Income and Corporation Taxes Act 1988 before 18th May 1993.