Higher Rates of Income Tax for 1939–40.

Income Tax. – in the House of Commons at on 23 July 1940.

Alert me about debates like this

Resolved, That Income Tax for the year 1939–40 in respect of the excess of the total income of an individual over two thousand pounds shall, instead of being charged at the rates mentioned in Section twelve of the Finance Act, 1940, be charged at rates exceeding the standard rate by the amounts specified in the second column of the following Table; and that such amendments shall be made in the Income Tax Acts as are consequential on the foregoing provisions of this Resolution:—

TABLE.
For every pound—s.d.
of the first five hundred pounds of the excess20
of the next five hundred pounds of the excess23
of the next one thousand pounds of the excess33
of the next one thousand pounds of the excess43
of the next one thousand pounds of the excess50
of the next two thousand pounds of the excess59
of the next two thousand pounds of the excess70
of the next five thousand pounds of the excess83
of the next five thousand pounds of the excess90
of the remainder of the excess96"