First Previous (FINANCE (No. 2) ACT, 1947) Next (PART II. Customs and Excise.)

33 1947

FINANCE (No. 2) ACT, 1947

PART I.

Income Tax.

Deductions of income tax after 5th April 1948.

1. —(1) Every sum paid or deducted in respect of income tax within two months after the 5th day of April, 1948, which consists wholly of a payment or deduction made by virtue of section 6 of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927), in respect of income tax for the year beginning on the 6th day of April, 1948, shall be calculated at the rate of seven shillings in the pound, and the said section 6 shall apply and have effect in relation thereto as if that rate had been the standard rate of income tax for the year beginning on the 6th day of April, 1947.

(2) The following provisions shall apply and have effect in relation to every sum paid or deducted in respect of income tax within two months after the 5th day of April, 1948, which consists partly of a payment or deduction made in respect of income tax for the year beginning on the 6th day of April, 1947, and partly of a payment or deduction made, by virtue of section 6 of the Provisional Collection of Taxes Act, 1927 (No. 7 of 1927), in respect of income tax for the year beginning on the 6th day of April, 1948, that is to say:—

(a) so much of the said sum as consists of a payment or deduction in respect of income tax for the year beginning on the 6th day of April, 1947, shall be calculated at the rate of six shillings and sixpence in the pound, being the standard rate of income tax for that year;

(b) so much of the said sum as consists of a payment or deduction made, by virtue of the said section 6, in respect of income tax for the year beginning on the 6th day of April, 1948, shall be calculated at the rate of seven shillings in the pound, and the said section 6 shall apply and have effect in relation thereto as if that rate had been the standard rate of income tax for the year beginning on the 6th day of April, 1947.

Sur-tax for the years 1946-47 and 1947-48.

2. —(1) Notwithstanding anything to the contrary contained in section 1 of the Finance Act, 1946 (No. 15 of 1946), sur-tax for the year beginning on the 6th day of April, 1946, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the following rates in lieu of the rates referred to in the said section 1, that is to say:—

In respect of the first one thousand five hundred pounds of the income

Nil.

In respect of the excess over one thousand five hundred pounds,

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

Ninepence

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

Three shillings

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

Four shillings

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

Five shillings

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

Six shillings

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

Seven shillings and sixpence

for every pound of the next ten thousand pounds of the excess

Eight shillings

for every pound of the remainder of the excess

Eight shillings and sixpence

(2) Section 3 of the Finance Act, 1928 (No. 11 of 1928), shall, in relation to the sur-tax for the year beginning on the 6th day of April, 1946, have effect subject to the provisions of this section.

(3) The amount payable by virtue of any assessment, made on or before the 15th day of October, 1947, in respect of sur-tax for the year beginning on the 6th day of April, 1946, to which any of the foregoing provisions of this section applies shall, by virtue of this section and without more, be deemed to be so varied as to give effect to such of the said provisions as is or are applicable.

(4) Section 1 of the Finance Act, 1947 (No. 15 of 1947), shall have effect subject to the provisions of this section.