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Annual value for the purpose of exemption or abatement from income tax under Schedule B.
5 & 6 Vict. c. 35.
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27. For the purposes of any claim to exemption, relief, or abatement from income tax, the income arising from the occupation of lands, tenements, hereditaments, and heritages chargeable under Schedule B. in the Income Tax Act, 1853, shall be taken to be one third of the annual value thereof under that schedule, except that if any person occupying, either as owner or otherwise, any lands for the purpose of husbandry only shows at the end of any year, to the satisfaction of the General Commissioners of Income Tax, that his profits and gains arising from the occupation of such lands during the year fell short of one third of the said annual value thereof, the income arising from the occupation shall be taken at the actual amount of such profits and gains, and if the whole of the income tax has been paid, the amount overpaid shall be certified and repaid in manner provided by section one hundred and thirty-three of the Income Tax Act, 1842.
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