Finance Act, 1977
|
Age exemption. |
7.—(1) In this section “the specified amount” means— | |
(a) in the case of a married man whose wife is living with him, £1,800, | ||
(b) in the case of any other individual, £1,000: | ||
Provided that in any case where section 28 of the Finance Act, 1974 , applies “the specified amount”, in relation to any year of assessment, means the amount specified in paragraph (a) or (b), as may be appropriate, reduced by the amount by which it would be reduced by virtue of the said section 28 if the specified amount was the aggregate amount of the deductions to be made from the total income of the individual concerned in respect of personal reliefs claimed by him for that year of assessment. | ||
(2) Where, for the year 1977-78 or any subsequent year of assessment, an individual, who is entitled to a deduction under section 8 of the Finance Act, 1974 , makes a claim in that behalf and proves that his total income for that year does not exceed the specified amount, he shall be entitled to exemption from income tax. | ||
(3) Where, for the year 1977-78 or any subsequent year of assessment, an individual would be entitled to exemption from income tax under subsection (2) but for the fact that his total income exceeds the specified amount, he shall be entitled to have the amount of income tax payable in respect of his total income reduced to an amount equal to one-half of the amount by which his total income exceeds the specified amount: | ||
Provided that this subsection shall not apply in any case in which the total income of the individual exceeds £2,500. | ||
(4) All such provisions of the Income Tax Acts as apply in relation to the deductions specified in sections 138 to 143 of the Income Tax Act, 1967 , shall apply in relation to exemption from or any reduction of tax under this section. |