Finance Act, 1985

Allowance for prior tax on the same event.

62.—(1) The Principal Act shall have effect, and shall be deemed always to have had effect, as if the following section were inserted after section 34 of that Act:

“34A.—Where tax is charged more than once in respect of the same property on the same event, the net tax payable which is earlier in priority shall not be deducted in ascertaining the taxable value for the purposes of the tax which is later in priority, but shall be deducted from the tax which is later in priority as a credit against the same, up to the net amount of the same.”.

(2) Notwithstanding the provisions of section 46 of the Principal Act, interest shall not be payable on any repayment of tax which arises by virtue of this section where such tax was paid prior to the date of the passing of this Act.