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14 1970

FINANCE ACT, 1970

PART V

Turnover Tax

Rate of turnover tax.

49. —(1) The Finance Act, 1963 , is hereby amended—

(a) by the substitution in section 53 (1) of “five per cent.” for “two and one-half per cent.”,

(b) by the insertion in section 53 (2) (a) after “5s.” of “together with two and one-half per cent. of the taxable turnover”,

(c) by the substitution in section 53 (2) (b) of “£2 15s. 0d.” for “5s.”, and

(d) by the substitution in section 64 (1) of “five per cent.” for “two and one-half per cent.”.

(2) This section shall have, and be deemed to have had, effect as on and from the 1st day of May, 1970.

Amendment of section 48 of Finance Act, 1963.

50. —(1) Section 48 of the Finance Act, 1963 , is hereby amended—

(a) by the substitution in subsection (3) (b) (i) of “£1,000” for “£750”, and

(b) by the substitution in subsection (3) (e) of “£1,000” for “£750”.

(2) Every person who on the day immediately preceding the day on which this section comes into operation was an accountable person but who, if the said section had been in force on the earlier of those days, would not, in the absence of an election in accordance with section 48 (3) (b) (i) of the Finance Act, 1963 , be an accountable person, shall be deemed to have made such an election and shall continue to be accountable for tax on the moneys received by him in relation to the activities in which he engages until the end of the month during which his registration is cancelled in accordance with regulations.

(3) This section shall come into operation on the first day of the month immediately following that in which this Act is passed.

Additions to certain payments.

51. —Where the whole or part of the taxable turnover of an accountable person consists of moneys paid under a contract entered into before the 1st day of May, 1970, the accountable person may, in the absence of agreement to the contrary, recover as an addition to the payments specified in the contract a sum equal to any additional amount payable by him in respect of the moneys on account of the increase in the rate of turnover tax effected by section 49 of this Act.