Finance Act, 1974

PART I

Income Tax, Sur-Tax and Corporation Profits Tax

Chapter I

Method of Charging Income Tax for 1974-75 and Subsequent Years

Amendment of section 1 of Income Tax Act, 1967.

1.— Section 1 (1) of the Income Tax Act, 1967 , is hereby amended—

(a) by the deletion of the definition of “assessable income”,

(b) by the substitution for the definitions of “standard rate of tax”, “tax” and “year of assessment” of the following definitions, respectively, that is to say:

“‘standard rate’, in relation to tax, means the rate of tax provided for by section 3 (1) of the Finance Act, 1974;”,

“‘tax’ means income tax;”, and

“‘year of assessment’ means a year for which income tax is imposed by any Act imposing duties of income tax;”,

(c) by the insertion, after the definition of “foreign life insurance fund”, of the following definition:

“‘higher rates’, in relation to tax, means the rates of tax provided for by section 3 (2) (c) of the Finance Act, 1974;”,

(d) by the insertion, after the definition of “rating authority”, of the following definition:

“‘reduced rate’, in relation to tax, means the rate of tax provided for by section 3 (2) (a) of the Finance Act, 1974;” and

(e) by the insertion, after the definition of “taxable income” of the following definition:

“‘total income’ means total income from all sources as estimated in accordance with the provisions of this Act;”.