Finance Act, 1935
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Increase in valuations for purposes of Schedule A. |
3.—(1) The annual value with reference to which tax under Schedule A of the Income Tax Act, 1918, is to be charged on all tenements and rateable hereditaments (other than lands and other than farmhouses and farm buildings occupied with lands for the purpose of farming such lands) shall be five-fourths of the annual value thereof as ascertained in the manner required by sub-section (1) of section 187 of the said Act in lieu of the exact amount of such annual value, and the said section 187 shall have effect in relation to the charge of tax under the said Schedule A on all such tenements and rateable hereditaments as aforesaid as if sub-section (1) thereof were amended accordingly. | |
(2) Where, in computing the amount of the profits or gains for the purpose of an assessment for the year beginning on the 6th day of April, 1935, or the year beginning on the 6th day of April, 1936, a deduction is allowed in respect of the annual value of any premises for any period, such deduction shall be computed as if the amendment of sub-section (1) of section 187 of the Income Tax Act, 1918, mentioned in the foregoing sub-section of this section, had been in force during such period. | ||
(3) Section 2 of the Finance Act, 1934 (No. 31 of 1934), shall be amended by the substitution of the words “six pounds five shillings” for the words “five pounds” in sub-section (2) of that section, and the said section shall be construed and have effect accordingly. | ||
(4) Section 15 of the Finance Act, 1925 (No. 28 of 1925), and the extension thereof by sub-section (8) of section 12 of the Local Government Act, 1927 (No. 3 of 1927), shall have effect with and subject to the amendment of section 187 of the Income Tax Act, 1918, mentioned in the first sub-section of this section, and accordingly the reference in the said section 15 to the full amount of the valuation for the time being in force under the Valuation Acts shall be construed and have effect as a reference to five-fourths of such valuation. | ||
(5) Where an inspector of taxes or such other officer as the Revenue Commissioners may appoint in that behalf is of opinion that the annual value with reference to which an assessment of tax is made on any tenement or rateable hereditament in pursuance of sub-section (1) of this section exceeds the annual rent at which such tenement or rateable hereditament is worth to be let from year to year, he may, notwithstanding that there has been no appeal under section 5 of the Finance Act, 1929 (No. 32 of 1929), against such assessment and notwithstanding anything contained in sub-section (6) of the said section 5 , at any time before the end of the year of assessment grant relief by reducing such assessment and charging the tax on the amount on which it would, in his opinion, have been charged if it had been assessed with reference to the said annual rent instead of the said annual value, and the said assessment as so reduced shall be final and conclusive for all purposes. | ||
(6) Where the annual value with reference to which tax is to be charged on any tenement or rateable hereditament in pursuance of sub-section (1) of this section includes (when computed in accordance with that sub-section) a fraction of one pound which is not five shillings or a multiple of five shillings, such fraction of one pound may— | ||
(a) where it exceeds ten shillings, be reduced, for the purpose of such computation of such annual value, to the next lower multiple of five shillings, or | ||
(b) where it exceeds five shillings but is less than ten shillings, be reduced, for the purpose aforesaid, to five shillings, or | ||
(c) where it is less than five shillings, be disregarded for the purpose aforesaid. | ||
(7) Where, in pursuance of sub-section (1) of this section, tax has been charged for any year of assessment on any tenement or rateable hereditament with reference to an annual value of such tenement or hereditament computed in accordance with the said sub-section, and the valuation of such tenement or hereditament in force in such year of assessment for the purposes of poor rate is subsequently reduced, and such reduction becomes operative for the purposes of poor rate not more than three years after the end of such year of assessment, the Revenue Commissioners, if they are of opinion that relief in respect of the said tax so charged for such year of assessment should be granted with reference to an annual value computed at five-fourths of the said valuation as so reduced, may grant such relief by repayment or otherwise. | ||
(8) This section shall not apply to or have effect in the County Borough of Waterford, and accordingly tax under Schedule A of the Income Tax Act, 1918, shall be assessed and charged on tenements and rateable hereditaments situate in the County Borough of Waterford as if this section had not been enacted. |