Part IIncome Tax and Allowances

1 Standard Rate of Income Tax

(1)Income tax shall be charged at the standard rate of seven shillings and ninepence (7s. 9d.) for every pound of taxable income.

(2)There shall be deducted from total assessable income before charge the following personal reliefs:

(a)for a single individual, £30;

(b)for a married man maintaining his wife, £60;

(c)for each child of the claimant under sixteen years of age, £20.

2 Earned Income Relief

An allowance of two-ninths shall be deducted from earned income up to £100.

Part IISurtax

3 Surtax on High Incomes

Where the total assessable income of any individual exceeds £200, surtax shall be levied on the excess at rates beginning at two shillings (2s.) in the pound, rising progressively to ten shillings (10s.) in the pound on income exceeding £500).

Part IIIRevenue Administration

4 Power of Assessment and Collection

The Commissioners of Inland Revenue shall maintain inspectorates across the Kingdom and may distrain upon goods for non-payment of taxes lawfully assessed.

Part IVGeneral

5 Citation

This Act may be cited as the Inland Revenue and Finance Act.