Finance Act, 1953

Amendment of section 32 of Income Tax Act, 1918.

2.—Where, with any insurance company or friendly society, being a company or society which is registered in the State and managed and controlled therein, any person, after the 21st day of May, 1953—

(a) makes an insurance on his life or the life of his wife, or

(b) contracts for any deferred annuity on his own life or the life of his wife,

the amount of any relief to which he is entitled under section 32 of the Income Tax Act, 1918, as amended by subsequent enactments, shall as regards that insurance or contract be ascertained as if, in clause (A) of paragraph (i) of subsection (1) and in clause (A) of subparagraph (i) of paragraph (e) of subsection (3) of the said section, the words “two-thirds of the standard rate of tax” were substituted for the words “half the standard rate of tax.”