PART XXXIV

Repayment

496. —(1) Where interest payable in the State on an advance from a bank carrying on a bona fide banking business in the State is paid to the bank without deduction of tax out of profits or gains brought into charge to tax, the person by whom the interest is paid shall be entitled, on proof of the facts to the satisfaction of the Special Commissioners, to repayment of tax on the amount of the interest.

(2) A like repayment shall on the like proof be made in the case of interest (not being yearly interest) payable in the State on an advance from a person who in the opinion of the Revenue Commissioners is bona fide carrying on business as a member of a stock exchange in the State or from any person who in the opinion of the said Commissioners is bona fide carrying on the business of a discount house in the State:

Provided that no repayment shall be made unless the Revenue Commissioners are satisfied that the interest has been or will be brought into account in the statement delivered or to be delivered for the purposes of income tax by the person making the advance.

497. —Any repayment of income tax for any year of assessment to which any person may be entitled in respect of any deduction allowed under sections 138 to 143 shall, save as otherwise provided by this Act, be made at the standard rate of tax for that year:

Provided that, in the case of any person who proves as regards any year that, by reason of the deductions to which he is entitled, he has no taxable income for that year, any repayment to be made shall be a repayment of the whole amount of the tax paid by him, whether by deduction or otherwise, in respect of his income for that year.

498. —Save as otherwise expressly provided by any provision of this Act, no claim for repayment of income tax under this Act shall be allowed unless it is made within six years next after the end of the year of assessment to which it relates.