I move:—
(1) That, notwithstanding anything to the contrary contained in the Finance Act, 1939 (No. 18 of 1939), the rates at which surtax for the year beginning on the 6th day of April, 1939, shall be charged in respect of the income of any individual which exceeds £20,000 shall (subject to the provisions of the next following paragraph of this Resolution) be the several rates at which surtax is chargeable by virtue of Section 1 of the Finance Act, 1938 (No. 25 of 1938), increased, in the case of each such rate, by 20 per cent.
(2) That in the case of any individual to whom the foregoing paragraph of this Resolution applies the amount of surtax with which he is charged by virtue of the said paragraph shall not exceed, and shall, where necessary, be reduced to, the sum of the following amounts, that is to say:—
(a) the amount of the surtax which he would be liable to pay if his income had reached but had not exceeded £20,000, and
(b) the amount by which his income exceeds £20,000 reduced by income-tax at the standard rate on such excess.
(3) It is hereby declared that it is expedient in the public interest that this Resolution shall have statutory effect under the provisions of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927).
