Income Tax Act, 1967.
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Stock of local authorities. |
472.—(1) Any stock under section 87 of the Local Government Act, 1946 , issued after the 13th day of July, 1955, shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 466 and that section shall apply accordingly. | |
(2) (a) Sections 106, 433 and 434 shall not apply to interest (in this subsection referred to as the said interest) which, by direction of the Minister for Finance given under section 466, as applied by this section, is paid without deduction of tax. | ||
(b) Where paragraph (a) applies in relation to a local authority, the total tax payable by the local authority, by deduction or otherwise, for any year of assessment shall not exceed a sum to be ascertained by first computing the total tax which, but for this section, would have been payable by the local authority, by deduction or otherwise, for that year and then deducting therefrom a sum equal to tax on the amount of the said interest paid for that year by the local authority. |