Finance Act, 1929

SECOND SCHEDULE.

Modifications of Income Tax Acts in Respect of Property Situate and Profits or Gains Arising in Great Britain or Northern Ireland.

(1) Sub-paragraphs (1) and (2) of paragraph 1 of Part II of the First Schedule to the Finance Act, 1926 , shall cease to have effect.

(2) The rules applicable to Case III of Schedule D contained in Part II of the First Schedule to this Act shall have effect as if Rule 2 thereof had been omitted.

(3) The rule substituted by sub-paragraph (3) of paragraph 1 of Part II of the First Schedule to the Finance Act, 1926 , for Rule 2 of the rules applicable to Case V of Schedule D of the Income Tax Act, 1918, shall be a rule of Case III of Schedule D of the Income Tax Act, 1918, and shall be read and construed as if for the words “the year of assessment” where they firstly appear therein there were substituted the words “the year preceding the year of assessment,” and as if the words “as amended by section 5 of the Finance Act, 1923 (No. 21 of 1923)” were omitted therefrom.

(4) Sub-paragraph (4) of paragraph 1 of Part II of the First Schedule to the Finance Act, 1926 , shall be read and construed as if for the words “Case V” appearing therein there were substituted the words “Case III.”

(5) In the case of any person entitled for any year to claim relief from double taxation under Article 2 of Part I of the First Schedule to the Finance Act, 1926 (which deals with relief from double taxation in the case of a person who is resident both in Great Britain or Northern Ireland and in the Irish Free State) tax for that year in respect of income arising from securities, stocks, shares or rents in Great Britain or Northern Ireland shall be computed on the full amount thereof arising in the year of assessment:

Provided however that tax in respect of interest arising from any security issued under the War Loan Acts, 1914 to 1917, or any Act of the United Kingdom Parliament amending these Acts where such interest is paid without deduction of British tax shall be computed in accordance with the Rules applicable to Case III of Schedule D of the Income Tax Act, 1918, and notwithstanding anything contained in section 10 of this Act income from any such security may be deemed to issue from a separate source.