Finance Act, 1979
|
Special deduction for 1979-80. |
5.—(1) For the purposes of ascertaining the amount of the income on which an individual is to be charged to income tax for the year 1979-80 in a case where the total income of the individual for the said year consists of or includes emoluments— | |
(a) a deduction of £175 shall be made from so much, if any, of the emoluments (but not including any emoluments deemed to be his income by virtue of section 192 of the Income Tax Act, 1967 ) as arise to the individual, and | ||
(b) a deduction of £175 shall be made from so much, if any, of the emoluments as arise to the wife of the individual and as are in excess of the amount, if any, by which the deduction to which the individual is entitled for that year under section 138 of the Income Tax Act, 1967 , is increased by virtue of subsection (3) of the said section 138. | ||
(2) In determining cumulative tax-free allowances in relation to the year 1979-80 for the purposes of the Income Tax (Employments) Regulations, 1960 (S.I. No. 28 of 1960), deductions under this section shall be deemed to have accumulated in full on such date in the year 1979-80 as the Minister for Finance shall by order direct. | ||
(3) In this section— | ||
“emoluments” means emoluments to which Chapter IV of Part V of the Income Tax Act, 1967 , applies save that it does not include— | ||
(a) emoluments paid, directly or indirectly, by a body corporate, or any person who would be regarded as connected with the body corporate for the purposes of Part IV of the Finance (Miscellaneous Provisions) Act, 1968 , to a proprietary director of the body corporate or to the spouse of such a proprietary director, and | ||
(b) emoluments paid, directly or indirectly, by an individual, or by a partnership in which the individual is a partner, to the spouse of the individual; | ||
“proprietary director” has the meaning assigned to it by section 226 of the Income Tax Act, 1967 . | ||
(4) This section shall come into operation on such day (if any) as the Minister for Finance may appoint by order. |