<P> UK income tax has changed over the years . Originally it taxed a person's income regardless of who was beneficially entitled (that is, regardless of whether they had a legal obligation to pass it on to another person) to that income, but now a person owes tax only on income to which he or she is beneficially entitled . Most companies were taken out of the income tax net in 1965 when corporation tax was introduced . These changes were consolidated by the Income and Corporation Taxes Act 1970 . Also the schedules under which tax is levied have changed . Schedule B was abolished in 1988, Schedule C in 1996 and Schedule E in 2003 . For income tax purposes, the remaining schedules were superseded by the Income Tax (Trading and Other Income) Act 2005, which also repealed Schedule F completely . The Schedular system and Schedules A and D still remain in force for corporation tax . The highest rate of income tax peaked in the Second World War at 99.25% . It was then slightly reduced and was around 90% through the 1950s and 60s . </P> <P> In 1971 the top rate of income tax on earned income was cut to 75% . A surcharge of 15% kept the top rate on investment income at 90% . In 1974 the cut was partly reversed and the top rate on earned income was raised to 83% . With the investment income surcharge this raised the top rate on investment income to 98%, the highest permanent rate since the war . This applied to incomes over £ 20,000 (£ 191,279 as of 2016), . </P> <P> The Government of Margaret Thatcher, who favoured indirect taxation, reduced personal income tax rates during the 1980s . In the first budget after her election victory in 1979, the top rate was reduced from 83% to 60% and the basic rate from 33% to 30% . The basic rate was also cut for three successive budgets--to 29% in the 1986 budget, 27% in 1987 and to 25% in 1988 . The top rate of income tax was cut to 40% in the 1988 budget . The investment income surcharge was abolished in 1985 . </P> <P> Under the government of John Major the basic rate was reduced in stages to 23% by 1997 . </P>

What was the tax rate in the 1980s
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