Finance Act, 1929

Debentures, etc., of The Agricultural Credit Corporation, Limited.

2.—(1) Debentures, debenture stock, and certificates of charge issued by The Agricultural Credit Corporation, Limited, shall be deemed to be securities issued under the authority of the Minister for Finance within the meaning of section 2 of the Finance Act, 1924 (No. 27 of 1924), and that section shall apply accordingly.

(2) Notwithstanding anything contained in paragraph (l) of Rule 3 of the Rules applicable to Cases I and II of Schedule D of the Income Tax Act, 1918, or in Rules 19, 20 and 21 of the General Rules applicable to Schedules A, B, C, D and E of the said Act, in computing for the purposes of assessment under the said Schedule D the amount of the profits or gains of The Agricultural Credit Corporation, Limited, for any period for which accounts are made up there shall be allowed as a deduction the amount of the interest on debentures, debenture stock and certificates of charge which, by direction of the Minister for Finance given under section 2 of the Finance Act, 1924 , as applied by this section, is paid without deduction of tax for such period.

(3) There shall be added to Rule I of Case III of Schedule D of the Income Tax Act, 1918, the following clause, that is to say:—

“(h) interest on debentures, debenture stock or certificates of charge issued by The Agricultural Credit Corporation, Limited, in cases where such interest is paid without deduction of tax.”

(4) In this section the expression “certificate of charge” has the same meaning as it has in the Agricultural Credit Act, 1927 (No. 24 of 1927.)