Finance Act, 1963

Change of date on which sur-tax is due and payable.

25.—(1) Subsection (2) of section 3 of the Finance Act, 1928 , is hereby amended by the substitution of “on the first day of January in the year of assessment” for “on or before the first day of January next after the end of the year of assessment” and by the substitution of “made” for “signed and allowed” in both places where the latter words occur in the subsection.

(2) (a) Subsections (2) and (3) of section 11 of the Finance Act, 1961 , are hereby amended by the substitution of “year of assessment” for “preceding year” wherever the latter words occur.

(b) Accordingly—

(i) notices given before the commencement of this Act for the purposes of that section stating that income tax will be deductible from emoluments paid in the year 1963-64, and

(ii) notices so given stating that it is not practicable to give effect to an election for such deductions,

shall have effect as if they were notices given for the purposes of that section as amended by this section.

(3) Where sur-tax is payable by a person for the year 1962-63 and for the year 1963-64, the amount of the sur-tax for the year 1962-63 shall, if it exceeds the sur-tax payable for the year 1963-64, be reduced by an amount equal to the sur-tax payable for the year 1963-64, and shall, if less than, or equal to, the sur-tax payable for the year 1963-64, be remitted.