Income Tax Act, 1967.

Annual value for Schedule B.

31.—(1) The annual value of lands for the purposes of Schedule B shall, subject to subsection (2), be the rateable valuation of the lands for the time being.

(2) The said annual value shall be taken to be—

(a) the judicial rent fixed under the Land Law (Ireland) Acts or any of them; or

(b) the annual interest or payment payable to the Irish Land Commission in lieu of rent under the Land Purchase Acts or any of them; or

(c) the purchase annuity payable under the Land Purchase Acts or any of them,

in any case in which it is shown that the said judicial rent, annual interest or payment, or purchase annuity, as the case may be, is less than the rateable valuation.

(3) Section 13 (1) shall apply in relation to an assessment under Schedule B as it applies to Schedule A.

(4) In this section “purchase annuity” means the first or original annuity payable before any redemption or statutory reduction.