Finance (No. 2) Act, 1959
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Earned income allowance. |
16.—(1) The following provision shall be substituted for section 16 of the Finance Act, 1920 : | |
“An individual who makes, in the manner prescribed by the Income Tax Acts, a claim in that behalf and makes a return in the prescribed form of his total income shall, for the purposes of ascertaining the amount of his assessable income for the purposes of income tax, be allowed a deduction from the amount of his earned income as estimated in accordance with the Income Tax Acts of a sum equal to one-fourth of that income, but not exceeding, in the case of any individual, the sum of four hundred and fifty pounds.” | ||
(2) Section 4 of the Finance Act, 1951 , shall be construed and have effect as if a reference to subsection (1) of this section were substituted in subsection (2) for the reference to subsection (1) of section 2 of the Finance Act, 1952 . |