ABSTRACT
This chapter outlines the main taxes on personal income. Income tax is imposed by a Finance Act introduced every year, which determines the rates of tax and other details which are to apply to the next year. The growth of unincorporated and incorporated businesses in this century, and the increase in tax rates, brings up some of the most contentious problems in taxation. Surtax is an additional tax payable on incomes exceeding a certain amount. The Finance Act, 1962, was the first attempt at taxing capital gains. The Short-Term Tax followed the previous Act in charging short-term gains to income tax, but widened the range of assets and extended the time-period from six to twelve months. The long-term tax applies to assets sold after April 6th, 1965, which have been held for one year or more. Past attempts to allow for differences in individual and family circumstances has resulted in a complex code of personal income taxation.
