Finance Act, 1954
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Cesser of section 3 of the Finance Act, 1935, in certain cases. |
5.—(1) In this section, “relevant property” means any tenement or rateable hereditament to which, but for this section, section 3 of the Finance Act, 1935 (No. 28 of 1935), would apply. | |
(2) Where an individual claims in the manner prescribed and proves that he is the owner of the relevant property and that he occupies it exclusively for the purposes of his own residence, then— | ||
(a) the said section 3 shall not apply or have effect in relation to the relevant property, | ||
(b) tax under Schedule A of the Income Tax Act, 1918, shall accordingly be charged in respect of the relevant property as if the said section 3 had not been enacted, and | ||
(c) if tax has been charged in respect of the relevant property otherwise than in accordance with this section, any tax overpaid shall be repaid. | ||
(3) The relevant property shall be deemed to be occupied exclusively for the purposes of his own residence by the individual referred to in subsection (2) of this section where it is mainly occupied by him for such purposes and no part thereof is occupied for the purposes of trade but a part thereof is occupied for the purposes of a profession or vocation. |