Finance Act, 1970
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Reduced rate relief. |
2.—(1) 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 be entitled to be charged at two-thirds of the standard rate of tax on the first £100 of his taxable income. | |
(2) All such provisions of the Income Tax Acts as apply in relation to every deduction specified in sections 138 to 143 of the Income Tax Act, 1967 , shall apply in relation to a reduction of rate allowed under subsection (1). | ||
(3) Section 153 (1) of the Income Tax Act, 1967 , is hereby amended by the insertion of the following paragraph after paragraph (d)— | ||
“(dd) he shall not be entitled to the benefit of the provision contained in section 2 of the Finance Act, 1970, whereby the first £100 of taxable income is chargeable at a reduced rate of tax in certain circumstances.”. | ||
(4) Section 193 (6) of the Income Tax Act, 1967 , is hereby amended by the insertion after “Finance Act, 1969” of “, or section 2 of the Finance Act, 1970”. | ||
(5) Section 497 of the Income Tax Act, 1967 , is hereby amended by the insertion after “standard rate of tax for that year” of “, or at two-thirds of that rate, as the case may be, and any repayment of income tax for any year of assessment to which any person may be entitled in respect of the reduction of the rate of tax on the first £100 of taxable income under section 2 of the Finance Act, 1970, shall, save as otherwise provided by this Act, be made at one-third of the standard rate of tax for that year”. |