Income Tax Act, 1967.

PART I

Interpretation and Preliminary

Chapter I

Interpretation

Interpretation generally.

1.—(1) In this Act, except so far as is otherwise provided or the context otherwise requires—

“annuity fund” means, where an annuity fund is not kept separately from the life assurance fund of an assurance company, such part of the life assurance fund as represents the liability of the company under its annuity contracts, as stated in its periodical returns under the Assurance Companies Act, 1909 ;

“assessable income” in the case of any income other than earned income means the amount of that income as estimated in accordance with the provisions of this Act;

“assurance company” means any persons or bodies of persons to which the Assurance Companies Act, 1909 , applies;

“body of persons” means any body politic, corporate, or collegiate, and any company, fraternity, fellowship and society of persons, whether corporate or not corporate;

“Clerk to the Special Commissioners” means the person for the time being authorised by the Special Commissioners to act as such;

“Collector” means the Collector-General appointed under section 162;

“commencement of this Act” means the 6th day of April, 1967: being the date on which, subject to and in accordance with section 554 , this Act comes into force;

“county rate” has the meaning assigned to it by section 12 of the Local Government Act, 1946 ;

“foreign life assurance fund” means any fund representing the amount of the liability of an assurance company in respect of its life assurance business with policy-holders and annuitants residing outside the State whose proposals were made to, or whose annuity contracts were granted by, the company at or through a branch or agency outside the State, and, where such a fund is not kept separately from the life assurance fund of the company, means such part of the life assurance fund as represents the liability of the company under such policies and annuity contracts; such liability being estimated in the same manner as it is estimated for the purposes of the periodical returns of the company under the Assurance Companies Act, 1909 ;

“incapacitated person” means any infant or person of unsound mind;

“inspector” means an inspector of taxes appointed under section 161;

“life assurance business” includes the business of granting annuities;

“local authority” means—

(a) the corporation of a county or other borough,

(b) the council of a county, or

(c) the council of an urban district;

“municipal rate” has the meaning assigned to it by section 46;

“the National Debt Commissioners” has the meaning assigned to it by section 31 of the Finance Act, 1940 ;

“profession” includes vocation;

“rating authority” means—

(a) the corporation of a county or other borough,

(b) the council of a county, or

(c) the council of an urban district;

“relative” includes any person of whom the person claiming a deduction had the custody and whom he maintained at his own expense while that person was under the age of sixteen years;

“repealed enactments” has the meaning assigned to it by section 554 (1);

“Special Commissioners” has the meaning assigned to it by section 156;

“standard rate of tax” means the full rate of income tax charged for the year;

“statute” has the meaning assigned to it by section 3 of the Interpretation Act, 1937 ;

“tax” means income tax or sur-tax;

“taxable income” has the meaning assigned to it by section 137 (1);

“trade” includes every trade, manufacture, adventure or concern in the nature of trade;

“year of assessment” means, with reference to any tax, the year for which such tax was imposed by any Act imposing duties of income tax.

“the year 1967-68” means the year of assessment beginning on the 6th day of April, 1967, and any corresponding expression in which two years are similarly mentioned means the year of assessment beginning on the 6th day of April in the first mentioned of those two years.

(2) References in this Act to any enactment shall, unless the context otherwise requires, be construed as references to that enactment as amended or extended by any subsequent enactment.

(3) In this Act, a reference to a Part, section or schedule is to a Part or section of, or schedule to, this Act, unless it is indicated that reference to some other enactment is intended.

(4) In this Act, a reference to a subsection, paragraph or subparagraph is to the subsection, paragraph or subparagraph of the provision (including a schedule) in which the reference occurs, unless it is indicated that reference to some other provision is intended.

(5) So much of this Act as relates to corporation profits tax shall be construed together with Part V of the Finance Act, 1920 , and the enactments amending or extending that Part.