Finance Act, 1970

Amendment of section 332 of Income Tax Act, 1967.

16.—(1) Section 332 of the Income Tax Act, 1967 , is hereby amended by the addition to subsection (8) of the following proviso:

“Provided that relief or repayment may be granted in respect of such dividend or interest where—

(a) the dividend or interest was paid within the period of two years prior to the date of the said certificate, and

(b) the dividend or interest was paid on stocks, shares or securities in respect of which the conditions specified in paragraphs (a) and (b) of subsection (2) were complied with either—

(i) throughout the said period of two years, or

(ii) if the stocks, shares or securities were issued during the said period, throughout the period from the date of such issue to the date of the said certificate.”.

(2) This section shall have, and be deemed to have had, effect in relation to any dividend or interest paid on or after the 6th day of April, 1966, and relief from tax may be given accordingly by repayment or otherwise as the Revenue Commissioners think proper.