PART I.

Income Tax.

1. —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1948, at the rate of seven shillings in the pound.

(2) Sur-tax for the year beginning on the 6th day of April, 1948, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1947.

(3) The several statutory and other provisions which were in force on the 5th day of April, 1948, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1948.

2. —The agreement, set forth in the First Schedule to this Act, made on the 21st day of July, 1947, between the Government and the United Kingdom Government amending the agreement set out in

Part I of the First Schedule to the Finance Act, 1926 (No. 35 of 1926), (as amended by the agreement set out in the First Schedule to the Finance Act, 1928 (No. 11 of 1928)) is hereby confirmed and, subject to confirmation by the United Kingdom Parliament, shall have effect accordingly.