Finance Act, 1968

Priority in bankruptcy, etc., of sums recoveable under section 7 or 8.

11.—For the purposes of section 132 of the Income Tax Act, 1967 , and section 285 of the Companies Act, 1963 , the sums referred to in subsection (2) of the said section 132 and subsection (2) (a) (iii) of the said section 285 shall be deemed to include sums recoverable under section 7 or section 8 which relate to a period or periods falling in whole or part within that period of twelve months and, in the case of any sum recoverable for a period falling partly within and partly outside that period of twelve months, it shall be lawful to apportion the total amount of the sum according to the respective lengths of the periods falling within that period and outside that period in order to arrive at the amount of tax which relates to that period.