Finance Act, 1977
|
Amendment of section 236 (retirement annuities—nature and amount of relief for qualifying premiums) of Income Tax Act, 1967. |
2.—(1) Section 236 of the Income Tax Act, 1967 , is hereby amended— | |
(a) by the substitution of “£2,000” for “£1,500” in each place where it occurs in subsections (1A) (a) and (IC) (which were inserted by the Finance Act, 1974 ), and | ||
(b) by the substitution of “£650” for “£500” in each place where it occurs in subsection (1B) (a) (inserted by the said Finance Act, 1974 ) and in the said subsection (1C), and the said subsections (1A) (a), (1B) (a) and (1C), as so amended, are set out in the Table to this section. | ||
(2) Part I of the First Schedule shall have effect for the purpose of supplementing this section. | ||
TABLE | ||
(1A) (a) shall not be more than the sum of £2,000, and | ||
(1B) (a) shall not be more than the sum of £650, and | ||
(1C) Where the condition in section 235 (1) (a) is satisfied as respects part only of the year, then for the said sums of £2,000 and £650 mentioned in subsections (1A) and (1B) there shall be substituted sums which respectively bear to £2,000 and £650 the same proportion as that part bears to the whole year. |