Finance Act, 1972
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Certain statutory schemes: exemptions and reliefs. |
17.—(1) This section has effect as respects any statutory scheme established under a public statute. | |
(2) (a) Any ordinary annual contribution paid under the scheme by any officer or employee shall, in assessing tax under Schedule E, be allowed to be deducted as an expense incurred in the year in which the contribution is paid. | ||
(b) Any contribution, which is not an ordinary annual contribution, paid or borne by any officer or employee under the scheme may, as the Commissioners think proper— | ||
(i) be treated, as respects the year in which it is paid, as an ordinary annual contribution paid in that year, or | ||
(ii) be apportioned among such years as the Commissioners direct and the amount of the contribution attributed thereby to any year shall be treated as an ordinary annual contribution paid in that year. | ||
(c) The aggregate amount of any contributions (whether ordinary annual contributions or contributions treated as ordinary annual contributions) allowed to be deducted in any year shall not exceed 15 per cent, of the remuneration for that year of the office or employment in respect of which the contributions are paid. | ||
(3) Relief shall not be given under section 143 or 151 of the Income Tax Act, 1967 , in respect of any payment in respect of which an allowance can be made under subsection (2). | ||
(4) This section shall come into operation on the 6th day of April, 1973. |