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

Part of 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.