Finance Act, 1929


Change of Basis of Assessment to Income Tax.

Assessment of certain properties under Case I. of Schedule D.

8.—(1) Save as is otherwise provided by this section, income tax in respect of the property in the lands, tenements, hereditaments or heritages mentioned in the first column of Part I of the First Schedule to this Act shall be chargeable under the Case of Schedule D mentioned in the second column of the said Part I of the said First Schedule, and the Rules applicable to such case as amended by this Act shall apply accordingly, but subject to the provisions contained in the third column of the said Part I of the said First Schedule.

(2) Notwithstanding anything contained in this section, sections 37 and 39 of the Income Tax Act, 1918, and section 30 of the Finance Act, 1921 (which provide for giving relief from income tax to certain charities, friendly societies and other bodies) shall be construed and have effect as if any income tax chargeable by virtue of this section under Schedule D instead of under Schedule A had remained chargeable under Schedule A.

(3) Notwithstanding anything contained in this section, in any case in which it appears to the Revenue Commissioners to be necessary or proper any lands, tenement, hereditament, or heritage to which sub-section (1) of this section applies may be assessed and charged under No. 1 of Schedule A.