Finance Act, 1996
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Retirement annuities. |
13.—As respects the year of assessment 1996-97 and subsequent years of assessment, the Income Tax Act, 1967 , is hereby amended— | |
(a) in section 236, by the substitution of the following subsection for subsection (1A) (inserted by the Finance Act, 1978 ): | ||
“(1A) Subject to the provisions of this section, the amount which may be deducted or set off in any year of assessment (whether in respect of one or more qualifying premiums and whether or not including premiums in respect of a contract approved under section 235A) shall not be more than— | ||
(a) in the case of an individual who at any time during the year of assessment was of the age of 55 years or upwards, 20 per cent., and | ||
(b) in any other case, 15 per cent., | ||
of the individual's net relevant earnings for that year and the amount to be deducted shall to the greatest extent possible include qualifying premiums in respect of contracts approved under section 235A.”, | ||
and | ||
(b) by the deletion of Schedule 5. |