Finance Act, 1971
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Amendment of sections 428 and 429 of Income Tax Act, 1967. |
19.—(1) Section 429 of the Income Tax Act, 1967 , is hereby amended by the insertion after subsection (3) of the following subsections: | |
“(4) Notwithstanding that, in the case of an assessment made upon a person on or after the date of the passing of the Finance Act, 1971, the person has, pursuant to subsection (1), required his appeal to the Appeal Commissioners against the assessment to be reheard by a judge of the Circuit Court, tax shall be paid in accordance with the determination of the Appeal Commissioners: | ||
Provided that if the amount of the assessment is altered by the determination of the judge, then— | ||
(a) if too much tax has been paid, the amount or amounts overpaid shall, save where the interest amounts to lessthan £1, be repaid with interest at the rate provided by section 550 (1) from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made; or | ||
(b) if too little tax has been paid, any balance shall be payable but the provisions of section 550 (2A) shall apply as if the appeal were an appeal to the Appeal Commissioners and the determination of the appeal by the judge were a determination of the appeal by the Appeal Commissioners. | ||
(5) Income tax shall not be deductible on payment of such interest as is referred to in subsection (4) (a) and such interest shall not be reckoned in computing income for the purposes of the Income Tax Acts.”. | ||
(2) Section 428 (9) of the Income Tax Act, 1967 , is hereby amended by the deletion of “or the Circuit Court as the case may be”. |