Finance Act, 1994
Amendment of section 101 (income exemption limit) of Act of 1983. |
119.—Section 101 of the Act of 1983 is hereby amended— | |
(a) by the insertion of the following proviso to subsection (1): | ||
“Provided that the income of a relevant person (other than a person who is an assessable person) shall be disregarded in computing aggregate relevant income— | ||
(a) where, in relation to a valuation date, a unit of residential property is comprised in the relevant residential property of one or more persons, and— | ||
(i) any of those persons has attained the age of 65 years, or | ||
(ii) any of those persons is permanently incapacitated by reason of mental or physical infirmity from maintaining himself and the relevant person resides in the unit of residential property as a consequence of that infirmity; | ||
(b) where, in relation to a valuation date, the assessable person is a widowed person and the relevant | ||
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person resides in the relevant residential property as a consequence of the assessable person having a qualifying child.”, | ||
and | ||
(b) by the substitution in subsection (2) of “£25,000” for “£27,500” (inserted by the Finance Act, 1992 ) and of “1994” for “1992” (as so inserted). |