Finance Act, 1961

Amendment of section 17 of Finance (No. 2) Act, 1959.


(a) a premium has been paid for an insurance, or a contract for a deferred annuity, made with an insurance company, and

(b) a deduction in respect of the premium could be made under section 17 of the Finance (No. 2) Act, 1959 ,but for the fact that the company is not such a company as is referred to in paragraph (a) of subsection (1) of section 32 of the Income Tax Act, 1918,

that fact shall be disregarded, and a deduction in respect of the premium may be made under the said section 17 accordingly, if—

(i) the claimant is resident in the State but has previously been resident outside the State for a continuous period of not less than ten years,

(ii) the insurance or contract was made before the continuous period of residence outside the State ended, and

(iii) either there is no income arising from any security or possession in any place out of the State or, where there is income so arising, Rule (1) of the Rules contained in Part II of the First Schedule to the Finance Act, 1929 , applies to the computation of tax in respect of that income.