- (1) Income tax shall be charged for the year 1995–96, 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 1995–96 section 1(2) of the Income and Corporation Taxes Act 1988 shall apply as if the amount specified in paragraph (aa) were £3,200; and accordingly section 1(4) of that Act so far as relating to that paragraph shall not apply for the year 1995–96.
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.