Finance Act, 1978
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Amendment of section 236 (retirement annuities—nature and amount of relief for qualifying premiums) of Income Tax Act, 1967. |
4.—(1) Section 236 of the Income Tax Act, 1967 , is hereby amended— | |
(a) by the substitution for subsections (1A), (1B) and (1C) (inserted by the Finance Act, 1974 ) of the following subsections— | ||
“(1A) Subject to the provisions of this section and of Schedule 5, 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 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. | ||
(1B) Subject to the provisions of this section, the amount which may be deducted or set off in any year of assessment in respect of qualifying premiums paid under a contract approved under section 235A (whether in respect of one or more such premiums) shall not be more than 5 per cent. of the individual's net relevant earnings for that year.”, and | ||
(b) by the substitution in paragraph (b) of subsection (2) of “(1B)” for “(1B) (b)”, | ||
and the said paragraph (b), as so amended, is set out in the Table to this section. | ||
(2) Part I of the First Schedule shall have effect for the purpose of supplementing this section. | ||
TABLE | ||
(b) the operation of subsection (1B) (as respects a qualifying premium paid under a contract approved under section 235A), |