Finance Act, 1922

Amendments as to Schedule B.

23. —(1) The definition of the expression “assessable value” in Schedule B of the Income Tax Act, 1918, shall have effect as though for the words “ an amount equal to twice the annual value “there were substituted the words “an amount equal to the annual value, and as though for the words an amount equal to the annual value there were substituted the words an amount equal to one-third of the annual value.”

(2) In paragraph (a) of Rule 7 of the Rules applicable to Schedule B there shall be substituted for the words “a year” the words “ten years.”