Finance Act, 1984
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Application of section 31 (building societies) of Corporation Tax Act, 1976, for 1984-85. |
34.— Section 40 (1) of the Finance Act, 1977 (as extended by section 52 of the Finance Act, 1980 ) shall have effect in relation to the year 1984-85 as it has effect in relation to the years 1980-81 and 1981-82 with the modifications that— | |
(a) the reduced rate which, by virtue of the said section 40 (1) (as extended by this section) would, for the year 1984-85, be 70 per cent. of the standard rate shall, for that year, be 75 per cent. of the standard rate, and | ||
(b) the amount representing income tax which, by virtue of the said section 40 (1) (as extended by this section) would, under an assessment made for 1984-85, be payable on the 1st day of January, 1985 (or, if it were later, on the day next after the day on which the assessment is made) shall be payable in two equal instalments as follows— | ||
(i) the first instalment on the 1st day of October, 1984, or, if it is later, on the day next after the day on which the assessment is made, and | ||
(ii) the second instalment on the 1st day of April, 1985, or, if it is later, on the day next after the day on which the assessment is made, | ||
and the provisions of the Income Tax Acts as to the recovery of tax shall apply to each instalment of the tax in the same manner as they apply to the whole amount of the tax. |