Finance Act, 1978
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Waiver of interest in respect of certain tax payments. |
17.—(1) (a) This section applies to any assessment to tax for the year 1977-78 which was made on an individual before the 1st day of November, 1977, and which consists of, or includes, tax applicable to profits or gains from farming charged in accordance with the provisions of section 21 of the Finance Act, 1974 , as amended by section 12 of the Finance Act, 1977. | |
(b) In this section “the relevant instalment”, in relation to an individual, means an instalment of tax charged in any assessment to tax to which this section applies made upon him, being an instalment of tax which was payable before the 1st day of November, 1977. | ||
(2) Where an individual appeals or has appealed against an assessment to tax to which this section applies— | ||
(a) if the relevant instalment was paid before the 1st day of January, 1978, he shall be regarded, for the purposes of section 550 (1) of the Income Tax Act, 1967 , and section 30 (5) of the Finance Act, 1976 , as having paid the relevant instalment on the date when it became due and payable, | ||
(b) if the relevant instalment, or the full amount thereof, was not paid before the 1st day of January, 1978, then, on the determination of the appeal and for the purpose of determining whether, and, if so, to what extent, interest falls to be charged under section 550 of the Income Tax Act, 1967 , the individual shall be regarded— | ||
(i) as having appealed against the relevant assessment within 30 days after the date of notice of the said assessment, | ||
(ii) as having, in relation to the relevant instalment, specified as the amount to be specified in accordance with the provisions of section 30 of the Finance Act, 1976 — | ||
(I) in a case in which neither the relevant instalment nor any amount thereof was paid before the 1st day of January, 1978, a nil amount, | ||
(II) in a case in which part of the relevant instalment was paid before the 1st day of January, 1978, the amount so paid, | ||
and | ||
(iii) in a case in which subparagraph (ii) (II) applies, as having paid the part of the relevant instalment referred to in that subparagraph on the date when it became due and payable. | ||
(3) In determining any interest charge under subsection (2) (b), the proviso to section 30 of the Finance Act, 1976 (inserted by section 13 of the Finance Act, 1977 ) shall be disregarded. |