PART I.

Income Tax.

1. —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1962, at the rate of six shillings and four pence in the pound.

(2) Sur-tax for the year beginning on the 6th day of April, 1962, shall be charged in respect of the income of any individual the total of which from all sources exceeds two 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, 1961.

(3) The several statutory and other provisions which were in force on the 5th day of April, 1962, 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, 1962.

2. —(1) Subsections (1) and (2) of section 2 of the Finance Act, 1929 , shall apply to securities issued by The Agricultural Credit Corporation, Limited, other than the debentures, debenture stock and certificates of charge referred to in those subsections in like manner as they apply to those debentures, debenture stock and certificates of charge.

(2) Clause (h) of Rule I of Case III of Schedule D of the Income Tax Act, 1918, is hereby amended by the insertion of “or other securities” after “debentures, debenture stock or certificates of charge”.