Finance Act, 1982
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Amendment of section 21A (credit for rates) of Finance Act, 1974. |
15.—As respects assessments for the year 1982-83, section 21A (inserted by the Finance Act, 1978 ) of the Finance Act, 1974 , shall apply as if the following paragraphs were substituted for paragraphs (a) and (b) of subsection (1): | |
“(a) the amount of tax so chargeable for the year 1982-83 shall be reduced by one-half of the rates payable for the local financial year preceding that year of assessment; | ||
(b) in computing the said profits or gains for the year 1982-83, the sum to be deducted in respect of the rates payable for the local financial year preceding that year of assessment shall not exceed one-half of the sum which, but for this paragraph, would be so deducted and, apart from the first-mentioned sum, no other sum shall be deducted in respect of rates:”. |