Finance Act, 1963
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Exemption from income tax and corporation profits tax of profits of lotteries. |
98.—(1) This section applies to any lottery to which a licence under Part IV of the Gaming and Lotteries Act, 1956 , applies and shall be deemed to come into force and shall take effect as on and from the 1st day of March, 1956. | |
(2) (a) Exemption shall be granted from corporation profits tax and, subject to the next paragraph, from income tax in respect of profits from any lottery to which this section applies. | ||
(b) In relation to income tax the profits from a lottery for the year 1963-64 or a previous year of assessment shall, for the purposes of this section, be taken to be the full amount thereof on which the person by whom it was carried on would, but for this section, have been chargeable to tax for that year under Schedule D reduced by— | ||
(i) a sum equal to the aggregate of all payments made in that year from which, if the profits had been chargeable as aforesaid, tax would have been deductible under Rule 19 of the General Rules on the ground that they were payments made out of those profits, and | ||
(ii) where the lottery was carried on by a body of persons, a sum equal to so much of the profits which would have been chargeable as aforesaid as was, before the passing of this Act, applied in payment of dividends. | ||
(c) All such discharges of assessments, amendments of assessments and repayments of tax shall be made in relation to the year 1963-64 and previous years of assessment as may be appropriate having regard to the foregoing paragraphs of this subsection. | ||
(3) Nothing in this section shall render improper any deduction of income tax made before the passing of this Act which would have been a proper deduction if this section had not been enacted. |