Finance Act, 1984
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Chapter II Income Levy | ||
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Amendment of section 16 (income levy) of Finance Act, 1983. |
10.— Section 16 of the Finance Act, 1983 , is hereby amended— | |
(a) in subsection (2): | ||
(i) by the substitution of the following paragraph for paragraph (b): | ||
“(b) the Youth Employment Levy Regulations, 1982 (S.I. No. 84 of 1982), the Youth Employment Levy (Amendment) Regulations, 1983 (S.I. No. 52 of 1983), and the Youth Employment Levy (Amendment) Regulations, 1984 (S.I. No. 75 of 1984) (referred to in this subsection as “the Regulations”), and | ||
(ii) by the substitution of the following paragraph for paragraph (v): | ||
“(v) in section 1 (1) of the Act, the following definition shall be substituted for the definition of ‘contribution year’: | ||
‘ “contribution year” means a year of assessment within the meaning of the Income Tax Acts being the year 1983-84 or the year 1984-85,’ ”, | ||
and | ||
(b) by the insertion of the following proviso after subsection (2): | ||
“Provided that an individual shall not be liable to pay income levy— | ||
(a) in respect of any payment on account of emoluments made in the contribution year (within the meaning of the Youth Employment Agency Act, 1981 , as modified by this section) 1984-85 if his reckonable income consists of emoluments only in that year and the amount of the payment does not exceed an amount equal to £96 where the period in respect of which the payment is made is a week or a corresponding amount where the period in respect of which the payment is made is greater or less than a week, or | ||
(b) in respect of his reckonable income for the contribution year (within the meaning of the Youth Employment Agency Act, 1981 , as modified by this section) 1984-85 if such income does not consist of emoluments only and the amount of that income does not exceed £5,000 in that year.” |