Finance Act, 1983

Marginal reliefs.

102.—(1) Where an assessable person makes a claim in that behalf and proves that his aggregate relevant income as respects any valuation date does not exceed an amount equal to the aggregate of the income exemption limit applying on that valuation date and £5,000, he shall be entitled to have the tax, if any, payable by him in respect of the net market value of his relevant residential property on that valuation date reduced to an amount equal to the amount determined by the formula—

A — E

T × ______

5,000

where—

A is the amount of the aggregate relevant income,

E is the income exemption limit, and

T is the tax which, apart from this subsection and subsection (2), would be payable.

(2) Where, for the year of assessment ending on a valuation date, an assessable person was entitled to relief under section 141 of the Income Tax Act, 1967 , in respect of any child or children resident with him, he shall be entitled to have the tax payable by him in respect of the net market value of his relevant residential property on that date reduced by the amount determined by the formula—

C

T × __

10

where—

C is 1 or, if the number of such children is greater than 1, that number (up to a maximum of 10), and

T is the tax which, apart from this subsection, would be payable.

(3) Any claim under subsection (1) shall be made in writing to the Commissioners not later than two years after the relevant valuation date.