Finance Act, 1974

Amendment of section 429 of Income Tax Act, 1967.

69.Section 429 of the Income Tax Act, 1967 , is hereby amended—

(a) by the insertion in the proviso to subsection (4) (inserted by the Finance Act, 1971 )—

(i) after “of the judge” of “or by giving effect to an agreement under subsection (6)”, and

(ii) after “by the judge” of “or the giving of effect to the agreement under subsection (6)”, and

(b) by the addition of the following subsection:

“(6) Where, following an application for the rehearing of an appeal by a judge of the Circuit Court in accordance with subsection (1), there is an agreement within the meaning of subparagraphs (b), (c) and (e) of section 416 (3), between the inspector and the appellant in relation to the assessment, the inspector shall give effect to the agreement and thereupon, if the agreement is that the assessment is to stand good or is to be amended, the assessment or the amended assessment, as the case may be, shall have the same force and effect as if it were an assessment in respect of which no notice of appeal had been given.”

and the said proviso, as so amended, is set out in the Table to this section.

TABLE

Provided that if the amount of the assessment is altered by the determination of the judge or by giving effect to an agreement under subsection (6) then—

(a) if too much tax has been paid, the amount or amounts overpaid shall, save where the interest amounts to less than £1, be repaid with interest at the rate provided by section 550 (1) from the date or dates of payment of the amount or amounts giving rise to the overpayment to the date on which the repayment is made; or

(b) if too little tax has been paid, any balance shall be payable but the provisions of section 550 (2A) shall apply as if the appeal were an appeal to the Appeal Commissioners and the determination of the appeal by the judge or the giving of effect to the agreement under subsection (6) were a determination of the appeal by the Appeal Commissioners.