Orders of the Day — 8. Income Tax (Charge and Rates for 1973–74)

– in the House of Commons at 12:00 am on 27th March 1972.

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Motion made, and Question,

That income tax for the year 1973–74 shall be charged at the basic rate of 30 per cent.; and—

  1. (a) in respect of so much of an individual's total income as exceeds £5,000 at such higher rates as are specified in the Table below; and
  2. (b) in respect of so much of the investment income included in an individual's total income as exceeds £2,000 at the additional rate of 15 per cent.

Part of excess over £5,000Higher rate
The first £1,00040 per cent.
The next £1,00045 per cent.
The next £1,00050 per cent.
The next £2,00055 per cent.
The next £2,00060 per cent.
The next £3,00065 per cent.
The next £5,00070 per cent.
The remainder75 per cent.
—[Mr. Barber.]

put forthwith pursuant to Standing Order No. 94 (Ways and Means Motions), and agreed to.