Income Tax Act, 1967.

Extent to which Act is to apply to years before 1967-68.

555.—(1) In the case of the following provisions of this Act, that is to say—

(a) Parts VII, VIII, XXXIII and XXXV, and Schedules 17 and 18;

(b) sections 536, 537, 539, 541 and 542;

(c) in relation to income chargeable to income tax or sur-tax for the year 1967-68 or any subsequent year of assessment, sections 358 (1), 360 (1) and 361 (2) and Schedule 10;

(d) so much of any other provision of this Act as authorises the making, variation or revocation of any order or regulation; and

(e) except where the tax concerned is all tax for years of assessment before the year 1967-68 or, in relation to corporation profits tax, accounting periods ending before the 6th day of April, 1967, so much of any other provision of this Act as confers any power or imposes any duty the exercise or performance of which operates in relation to tax for more than one year of assessment or accounting period,

the proviso to section 554 (1) shall not apply, and those provisions shall come into operation for all purposes on the 6th day of April, 1967, to the exclusion of the corresponding provisions of the repealed enactments:

Provided that any provision in the said enactments which imposes a punishment, penalty or forfeiture for any act or omission shall, in relation to any act or omission which took place or began before the said 6th day of April, continue to have effect to the exclusion of the provision of this Act to which it corresponds.

(2) If, and in so far as, by virtue of subsection (1), a provision of this Act operates, as from the 6th day of April, 1967, to the exclusion of a provision in the repealed enactments, any order or regulation made or having effect as if made, and any thing done or having effect as if done, under the excluded provision before that date shall be treated as from that date as if it were an order or regulation made or a thing done under that provision of this Act.

(3) Notwithstanding anything in the preceding provisions of this section—

(a) neither section 186 (2), 211 (1) nor 526 (6) shall apply to tax for any year before the year 1922-23, and

(b) the references in sections 124, 125, 126 and 127 to emoluments to which Chapter IV of Part V applies shall not be deemed to include references to any emoluments assessable to income tax under Schedule E which were payable before the 6th day of October, 1960, and any regulations made or deemed to be made under section 127 shall have effect accordingly.