Finance Act, 1980

Application of section 28 (farming profits: restriction of personal allowances) of Finance Act, 1974.

25.—(1) In any case where section 28 of the Finance Act, 1974 , applies for any year of assessment in relation to an individual—

(a) if the other income, within the meaning of that section, of the individual is income of his spouse, the individual and his spouse shall be assessed to tax for that year in accordance with the provisions of section 193 of the Income Tax Act, 1967 , and the proviso to the said section 193 shall not have effect,

(b) if the individual makes a claim for the year of assessment under section 1 or 2 of the Finance Act, 1980, “the specified amount” in each of those sections shall, in relation to the individual for that year of assessment, be construed as meaning the amount so specified as reduced by the amount by which it would be reduced by virtue of the said section 28 if the specified amount was the aggregate amount of the deductions to be made from the total income of the individual concerned in respect of personal reliefs claimed by him for that year of assessment.

(2) In this section “personal reliefs” has the same meaning as in section 197 of the Income Tax Act, 1967 .