Finance Act, 1990
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Amendment of section 102 (marginal reliefs) of Finance Act, 1983 . |
125.— Section 102 of the Finance Act, 1983 , is hereby amended— | |||||||
(a) by the substitution of the following subsection for subsection (2): | ||||||||
“(2) Where, for the year of assessment ending on a valuation date, an assessable person has one or more than one qualifying child normally residing with him at any relevant residential property of his, he shall be entitled to have the tax payable by him in respect of the net market value of his relevant residential property on that date reduced by the amount determined by the formula— | ||||||||
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where— | ||||||||
C is the number of such qualifying children, up to a maximum of 10, and | ||||||||
T is the tax which, apart from this subsection, would be payable: | ||||||||
Provided that no reduction shall be allowed under this subsection for the valuation date in question in respect of a qualifying child— | ||||||||
(a) who is a child to whom section 138A (1) (b) (i) (III) (B) of the Income Tax Act, 1967 , relates and who is entitled in his own right to an income exceeding £1,320, or | ||||||||
(b) in any other case, who is entitled in his own right to an income exceeding £720, | ||||||||
in the year of assessment ending on that valuation date.”, | ||||||||
and | ||||||||
(b) by the addition of the following subsection after subsection (3): | ||||||||
“(4) In this section— | ||||||||
‘child’, in relation to an assessable person, includes— | ||||||||
(a) a stepchild, | ||||||||
(b) a child— | ||||||||
(i) adopted under the Adoption Acts, 1952 to 1988, or | ||||||||
(ii) duly adopted outside the State in another jurisdiction and the adoption corresponds to an adoption under the said Acts, | ||||||||
and | ||||||||
(c) a person who, for the year of assessment ending on the valuation date, is in the custody, and maintained at the expense, of either or both the assessable person and the spouse of that assessable person; | ||||||||
‘qualifying child’, in relation to an assessable person, means a child referred to in subsections (1) (b) (i) or (4) (a) of section 138A of the Income Tax Act, 1967 , as if the references therein to a child were references to a child within the meaning of this subsection; | ||||||||
‘year of assessment’ has the meaning assigned to it by section 1 of the Income Tax Act, 1967 .”. |