Income Tax — Outlines

Abstract

Income tax is generally levied on individuals although non-resident companies may in certain circumstances be subject to income tax as well. The tax is levied in respect of years of assessment; such a year begins on 6th April in one year and ends on 5th April in the subsequent year. For ease of reference, a year of assessment is referred to as a tax year. For the tax year 1977/78 the basic rate of income tax is 34% and details of the higher rates and personal allowances appear in Appendix 3.