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35 1926

FINANCE ACT, 1926

PART I.

Income Tax.

Income tax and super-tax for 1926-27.

1. —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1926, at the rate of four shillings in the pound.

(2) Super-tax shall be charged for the year beginning on the 6th day of April, 1926, at the following rates:—

In respect of the first two thousand pounds of the income

Nil

In respect of the excess over two thousand pounds—

For every pound of the first five hundred pounds of the excess

Ninepence

For every pound of the next five hundred pounds of the excess

One shilling

For every pound of the next one thousand pounds of the excess

One shilling and sixpence

For every pound of the next one thousand pounds of the excess

Two shillings and threepence

For every pound of the next one thousand pounds of the excess

Three shillings

For every pound of the next two thousand pounds of the excess

Three shillings and sixpence

For every pound of the next two thousand pounds of the excess

Four shillings

For every pound of the remainder of the excess

Four shillings and sixpence

(3) The several statutory and other provisions which were in force during the year beginning on the 6th day of April, 1925, in relation to income tax and super-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and the super-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1926.

Confirmation of Agreement.

2. —(1) The Agreement set forth in Part I of the First Schedule to this Act is hereby confirmed and shall have effect with respect to exemption or relief to be granted from Saorstát Eireann income tax and super-tax for the year beginning on the 6th day of April, 1926, and every subsequent year in which the said Agreement has, by virtue of an Act of the British Parliament, effect with respect to exemption or relief to be granted from British income tax and super-tax for that year.

(2) For the purpose of giving effect to the said Agreement, the Income Tax Acts in relation to persons resident in Saorstát Eireann, whether they are or are not also resident in Great Britain or Northern Ireland, and in relation to claims by persons resident in Great Britain or Northern Ireland, shall for any year for which the said Agreement is in force have effect subject to the modifications set forth in Part II of the First Schedule to this Act.

Charge of tax in certain cases where no income.

3. —(1) Whenever in any year of assessment a person would be entitled to income from a particular source which in fact does not produce income for or within that year, and the tax thereon would if the source had produced income be computed by reference to income from the same source in any preceding year or years, such person shall, in the year of assessment aforesaid, be chargeable with tax in the same manner and to the like amount as if the source had produced income in such year.

(2) This section shall be deemed always to have had effect in relation to income tax chargeable in respect of any income other than that falling within Case III or Case V of Schedule D of the Income Tax Act, 1918.

Amendment of adaptations of enactments relating to Dominion income tax.

4. Section 12 of the Finance Act, 1923 (No. 21 of 1923) shall be construed and have effect and be deemed always to have had effect as if the following sub-section were inserted therein in lieu of the sub-section (1) (which adapts certain enactments relating to Dominion income tax) now contained therein, that is to say:—

“(1) Section 27 of the Finance Act, 1920 and section 28 of the Finance Act, 1921 (which relate to relief in the United Kingdom from Dominion income tax) shall be construed and have effect as if—

(a) the expression ‘Saorstát Eireann’ were inserted in the said sections respectively in lieu of the expression ‘United Kingdom’ wherever that expression occurs in the said sections, and

(b) the word ‘British’ were inserted in the said sections respectively in lieu of the word ‘Dominion’ wherever that word occurs in the said sections as an adjective, and

(c) the expression ‘Great Britain and Northern Ireland’ were inserted in the said sections respectively in lieu of the several expressions ‘any Dominion,’ ‘the Dominion,’ and ‘that Dominion’ wherever any of those expressions occur in the said sections respectively except in the cases mentioned in the preceding paragraph and the next paragraph hereof, and

(d) the expression ‘British Government’ were inserted in sub-section (6) of the said section 27 in lieu of the expression ‘Government of the Dominion’ where that expression occurs in the said sub-section and in paragraph (a) of sub-section (7) of the said section 27 in lieu of the expression ‘Government of any Dominion’ where that expression occurs in the said paragraph, and

(e) paragraph (a) of sub-section (8) of the said section 27 were omitted from that section.”

Interpretation of section 10 of Finance Act, 1924 .

5. —To remove doubts it is hereby declared and enacted that the reference contained in sub-section (1) of section 10 of the Finance Act, 1924 (No. 27 of 1924), to a determination given pursuant to section 196 of the Income Tax Act, 1918, includes and always did include a determination so given in relation to tax charged for the year beginning on the 6th day of April, 1923, or any previous year as well as a determination so given in relation to tax charged for the year beginning on the 6th day of April 1924, or any subsequent year.