Finance Act, 1974

Chapter V

Income Tax and Corporation Profits Tax

Proprietary directors and proprietary employees as members of approved retirement benefit schemes.

64.—(1) Section 15 (2) (f) of the Finance Act, 1972 , and the proviso to paragraph 4 of Schedule 3 to the Income Tax Act, 1967 , shall cease to have effect.

(2) Part III of the First Schedule to the Finance Act, 1972 , is hereby amended by the substitution for paragraph 4 of the following paragraph:

“4. The repeal of Chapter II of Part XII of the Income Tax Act, 1967 , by the Finance Act, 1972 , shall not affect section 235 (7) or section 316 (2) of the Income Tax Act, 1967 , section 3 (1) (b) (ii) of the Finance Act, 1968 , or any other enactment which contains reference to the said Chapter or to any part of it.”.