Finance Act, 1927
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Provisions in relation to super-tax for year 1926-27. |
2.—(1) Notwithstanding anything in section 5 of the Income Tax Act, 1918, the total income from all sources of any individual who, if this section had not been enacted, would have been entitled for the year beginning on the 6th day of April, 1926, to relief from double taxation in respect of income tax including super-tax exceeding in amount one-half of the total amount of income tax (before deduction of any relief in respect of life assurance premiums or any relief from double taxation in respect of income tax including super-tax granted under the Finance Act, 1926 (No. 35 of 1926)) and super-tax payable by him for that year shall for the purpose of super-tax for the year beginning on the 6th day of April, 1926 be estimated as if the modifications of the Income Tax Acts contained in paragraph 1 of Part II . of the First Schedule to the Finance Act, 1926 had had effect for the year beginning on the 6th day of April, 1925. | |
(2) If an individual has been assessed to super-tax for the year beginning on the 6th day of April, 1926 for an amount less than that which he would have been liable to pay if this section had been in force at the time of such assessment, the Special Commissioners shall have power to make an additional assessment for the purpose of adjusting his liability in accordance with the provisions of this section. |