Finance Act, 1954
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Exemption where total income does not exceed £240, and marginal relief. |
3.—(1) (a) Any individual who, in the manner prescribed by the Income Tax Acts, makes a claim in that behalf, makes a return in the prescribed form of his total income, and proves that his total income for the year of assessment does not exceed two hundred and forty pounds shall be entitled to exemption from income tax. | |
(b) Any individual who would, but for the fact that his total income exceeds two hundred and forty pounds, be entitled to exemption as provided in paragraph (a) of this subsection, shall be entitled to have the amount of income tax payable in respect of his total income, if that amount would but for the provisions of this paragraph exceed a sum equal to three-fifths of the amount by which his total income exceeds two hundred and forty pounds, reduced to that sum. | ||
(2) All such provisions of the Income Tax Acts as apply in relation to allowances or deductions within the meaning of the Third Schedule to the Finance Act, 1920 , shall, with any necessary modifications, apply in relation to exemptions from or reductions of tax under this section. | ||
(3) In this section “total income” means total income from all sources as estimated in accordance with the provisions of the Income Tax Acts. |