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Age exemption.
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4.—Section 188 of the Principal Act is amended—
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(a) as respects the year of assessment 2001 and subsequent years of assessment—
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(i) by the substitution of the following for subsections (1) and (2):
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“(1) In this section and in section 187—
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‘income tax payable’ has the same meaning (inserted by the Finance Act, 2001) as in section 3, but without regard to any reduction of tax under section 244;
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‘total income’ has the same meaning as in section 3, but includes income arising outside the State which is not chargeable to tax.
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(2) In this section, ‘the specified amount’ means, subject to section 187(2)—
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(a) in a case where the individual would apart from this section be entitled to a tax credit specified in section 461(a) (inserted by the Finance Act, 2001), £12,580, and
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(b) in any other case, £6,290.”,
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and
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(ii) in subsection (3), by the substitution for “relief under section 461(2) as an individual referred to in paragraph (a)(i) of the definition of ‘specified amount’ in subsection (1) of that section” of “a tax credit specified in section 461(a)”,
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and
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(b) as respects the year of assessment 2002 and subsequent years of assessment, by the substitution, in subsection (2) (inserted by paragraph (a)), of “€21,586” for “£12,580” and of “€10,793” for “£6,290”.
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