14. Income Tax (Charge and Rates for 1976–77)

Budget Resolutions and Economic Situation – in the House of Commons at 12:00 am on 12th April 1976.

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Motion made, and Question, That income tax for the year 1976–77 shall be charged at the basic rate of 35 per cent. and—

  1. (a) in respect of so much of an individual's total income as exceeds £4,500 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 £1,000 at the additional rates of 10 per cent. for the first £1,000 of the excess and 15 per cent. for the remainder;
except that, in the case of an individual who shows that at any time within that year, his age or that of his wife living with him was sixty-five years or more, income tax at the additional rate of 10 per cent. shall not be charged in respect of the first £500 of the excess mentioned in paragraph (b) above.

TABLE
Part of excess over £4,500Higher rate
The first £50040 per cent.
The next £1,00045 per cent.
The next £1,00050 per cent.
The next £1,00055 per cent.
The next £2,00060 per cent.
The next £2,00065 per cent.
The next £3,00070 per cent.
The next £5,00075 per cent.
The remainder83 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. Healey.]

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