Land and Income Tax (Annual) Act 1963

This commentary item was published in Public Information Bulletin Volume 1, September 1963.

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The Annual Act fixes the rates of Land Tax, Ordinary Income Tax, Social Security Income Tax, and Excess Retention Tax for the year of assessment commencing on 1.4.63 - i.e. for all taxpayers other than subsisting companies the rates apply in respect of tax payable on income derived during the year ending 31 March 1964, whilst for subsisting companies they apply to tax payable on income derived during the year ended 31 March 1963. The only alteration to the rates prescribed last year is that the rebate allowable for ordinary income tax purposes to individual taxpayers is increased from 5 percent to 7 1/2 percent, subject to a maximum of £75. There is no alteration to the company rates of tax. Land tax is again subject to the 50 percent rebate introduced last year.