Finance Act, 1968

Ownership or occupation of lands.

5.—In respect of any year of assessment commencing on or after the 6th day of April, 1969, and notwithstanding anything in the Income Tax Acts—

(a) no assessments under Schedule A or Schedule B of the Income Tax Act, 1967 , shall be made,

(b) the income arising from the ownership or occupation of lands, tenements or hereditaments shall not be taken into account for the purposes of estimating total income for the purposes of tax to the extent that such income was measured by the annual value estimated in accordance with the provisions applicable to Schedule A, or the assessable value estimated in accordance with the provisions applicable to Schedule B, of the lands, tenements or hereditaments.