Finance Act, 1924
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Relief in respect of certain stocks, shares, and rents. |
5.—(1) If any person who has been assessed and charged to tax for any of the years ending on the 5th day of April, 1924, the 5th day of April, 1925, and the 5th day of April, 1926, respectively in respect of income arising from stocks, shares, or rents in Great Britain or Northern Ireland under the rules applicable to Case V. of Schedule D of the Income Tax Act, 1918, as amended by section 12 of the Finance Act, 1923 (No. 21 of 1923), claims and proves to the satisfaction of the Revenue Commissioners in the manner provided by this section that the total amount of his actual income arising from such stocks, shares, or rents for that year is less by more than twenty per cent, than the average income on which he has or should have been assessed and charged in respect of such stocks, shares, or rents, he shall be entitled to repayment of such part of the tax paid by him as is equal to the difference between the amount of the tax so paid and the amount which would have been so paid if he had been assessed or charged on the total amount of his actual income arising from such stocks, shares, or rents for that year. | |
(2) Every claim under this section shall be made by giving notice in writing to the inspector of taxes setting out particulars of the total amount of the actual income arising from such stocks, shares, or rents for the year of assessment and for each of the three years preceding the said year of assessment, and the Revenue Commissioners shall be entitled to call for such evidence as they may deem necessary to enable them to ascertain the correctness of such particulars. | ||
(3) Every claim under this section shall be made within the time limited for an appeal against the assessment in respect of which the claim is made or within twelve months from the end of the year to which the assessment relates, whichever shall be the later. | ||
(4) Any person making a claim under this section who is dissatisfied with the decision of the Revenue Commissioners thereon shall have a right of appeal to the special commissioners whose determination on such appeal shall be final and conclusive. |