Finance Act, 1974

Deductions and reliefs in relation to income chargeable to tax under section 57.

58.—(1) Tax chargeable by virtue of the preceding section shall be charged under Case IV of Schedule D.

(2) In computing the liability to tax of an individual chargeable by virtue of the preceding section, the same deductions and reliefs shall be allowed as would have been allowed if the income deemed to be his by virtue of that section had actually been received by him.

(3) Where an individual has been charged to tax on any income deemed to be his by virtue of the preceding section and that income is subsequently received by him, it shall be deemed not to form part of his income again for the purposes of the Income Tax Acts.

(4) In any case where an individual has for the purposes of the preceding section power to enjoy income of a person abroad by reason of his receiving any such benefit as is referred to in section 57 (5) (c), the individual shall be chargeable to tax by virtue of the preceding section under Case IV of Schedule D for the year of assessment in which the benefit is received on the whole of the amount or value of that benefit except in so far as it is shown that the benefit derives directly or indirectly from income on which he has already been charged to tax for that or a previous year of assessment.