Finance Act, 1974

Amendment of section 152 of Income Tax Act, 1967.

9.Section 152 of the Income Tax Act, 1967 , is hereby amended by the substitution for subsection (1) of the following subsection:

“(1) The aggregate of the premiums or other sums in respect of which relief is given to any person under sections 143 and 151 shall not exceed one-sixth of the total income of the person or £1,000, whichever is the lesser:

Provided that in any case where the aggregate of the premiums paid on policies of insurance or on contracts for deferred annuities exceeds £1,000 and the insurance or contract was made before the 3rd day of April, 1974, relief in respect of the said premiums or other sums shall be given under the sections aforesaid without regard to the restriction of £1,000 provided for in this subsection.”.