Land and Income Tax (Annual) (No 2) Act 1964

This commentary item was published in Public Information Bulletin Volume 16, December 1964.

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Short Title

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.

Schedule

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.