Land and Income Tax (Annual) (No 2) Act 1964
Archived legislative commentary on the Land and Income Tax (Annual) (No 2) Act 1964 from PIB vol 16, Dec 1964.
This commentary item was published in Public Information Bulletin Volume 16, December 1964.
Section 1 is the short title.
Rates of income itax
Section 2 fixes the rates of ordinary income tax and social security income tax for the year commencing on 1 April 1964. Rates are specified in the accompanying schedule.
Rate of excess retention tax
Section 3 fixes the rate of excess retention tax.
The changes in rates are -
- The 10% rebate, limited to £100, from ordinary income tax payable by individual taxpayers is continued for the full year, from 1 April 1964 to 31 March 1965. This rebate was applicable to six months only, of the preceding year.
- The basic rate of ordinary income tax for companies is increased by 5% in the £1 for non-resident companies.