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Amendment of method of calculating value of certain property.
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5.—(1) The yearly value of any such property as is mentioned in clause (a) of sub-section (1) of section 2 of the Act of 1911 shall be calculated as follows in lieu of the mode of calculation prescribed by that clause or by sub-section (1) of section 4 of the Act of 1919, that is to say:—
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(i.) the first twenty-five pounds of the capital value of the said property shall be excluded, and
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(ii.) the yearly value of so much of the capital value of the said property as exceeds the sum of twenty-five pounds shall be taken to be one-tenth part of the capital value thereof.
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(2) This section shall not apply to a calculation of the means of any person who became, before the passing of this Act, entitled to receive an old age pension or who shall, after the passing of this Act, become entitled to receive a pension under Section 1 of the Act of 1920.
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(3) Clause (a) of sub-section (1) of section 4 of the Act of 1919 shall not apply to any case to which this section applies.
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