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Finance Act, 1974
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Amendment of section 5 of Finance Act, 1962.

79.— Section 5 of the Finance Act, 1962 , is hereby amended by the substitution of the following subsection for subsection (5):

“(5) Every licensed manufacturer of tobacco shall, on and after the 11th day of April, 1974, be entitled to receive a rebate as follows in respect of unmanufactured tobacco received by him upon which the duty of customs imposed by section 20 of the Finance Act, 1932 , or the duty of excise imposed by section 19 of the Finance Act, 1934 , has been paid:—

Rate of Rebate

Where the quantity received in any year commencing on the 11th day of April—

does not exceed 50,000 lbs.

£0·45 per lb. for each lb. thereof

exceeds 50,000 lbs.

£0·075 per lb. for each of the first 50,000 lbs.”.