Finance Act, 1952
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Alteration of earned income allowance and of allowance from total income (person aged sixty-five or upwards). |
2.—(1) The following provision shall be substituted for section 16 of the Finance Act, 1920 , as amended by section 4 of the Finance Act, 1939 (No. 18 of 1939), that is to say:— | |
“An individual who makes, in the manner prescribed by the Income Tax Acts, a claim in that behalf and makes a return in the prescribed form of his total income shall, for the purposes of ascertaining the amount of his assessable income for the purpose of income tax, be allowed a deduction from the amount of his earned income as estimated in accordance with the provisions of the Income Tax Acts of a sum equal to— | ||
(a) one-fourth of so much of that income as does not exceed eight hundred pounds; and | ||
(b) one-fifth of so much of that income as exceeds eight hundred pounds; | ||
but not exceeding, in the case of any individual, the sum of four hundred pounds.” | ||
(2) Section 4 of the Finance Act, 1951 (No. 15 of 1951), shall be construed and have effect as if— | ||
(a) “one-fourth” were substituted for “one-fifth” in paragraph (a) of subsection (1), and | ||
(b) “six hundred pounds” were substituted for “five hundred pounds” wherever the latter words occur in paragraphs (a) and (b) of subsection (1), and | ||
(c) a reference to subsection (1) of this section were substituted in subsection (2) for the reference to section 4 of the Finance Act, 1939 . |