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18 1950

FINANCE ACT, 1950

PART I.

Income Tax.

Income tax and sur-tax for the year 1950-51.

1. —(1) Income tax shall be charged for the year beginning on the 6th day of April, 1950, at the rate of six shillings and six pence in the pound.

(2) Sur-tax for the year beginning on the 6th day of April, 1950, shall be charged in respect of the income of any individual the total of which from all sources exceeds one thousand five hundred pounds and shall be so charged at the same rates as those at which it is charged for the year beginning on the 6th day of April, 1949.

(3) The several statutory and other provisions which were in force on the 5th day of April, 1950, in relation to income tax and sur-tax shall, subject to the provisions of this Act, have effect in relation to the income tax and sur-tax to be charged as aforesaid for the year beginning on the 6th day of April, 1950.

Amendment of section 3 of the Finance Act, 1925.

2. Section 3 (which relates to exemption of certain military pensions and gratuities) of the Finance Act, 1925 (No. 28 of 1925), is hereby amended by the insertion therein of the following subsection in lieu of subsection (2) now (by virtue of section 3 of the Finance Act, 1946 (No. 15 of 1946)) contained in the said section 3:—

“(2) The wounds and disabilities pensions to which section 16 of the Finance Act, 1919, applies shall include and be deemed always to have included (a) all wound and disability pensions, and all increases in such pensions, granted under the Army Pensions Acts, 1923 to 1949, and (b) all gratuities in respect of wounds or disabilities similarly granted, and the said section 16 shall be construed and have effect accordingly.”

Extension of section 8 of the Finance Act, 1932.

3. —Where the amount of an allowance to which section 8 (which relates to the exemption of certain allowances under the Army Pensions Acts, 1923 and 1927) of the Finance Act, 1932 (No. 20 of 1932), applied before the passing of the Army Pensions (Increase) Act, 1949 (No. 28 of 1949), has been increased by virtue of section 4 of the said Army Pensions (Increase) Act, 1949 , the said section 8 of the Finance Act, 1932 , shall apply, and be deemed always to have applied, to the whole of such allowance as so increased in amount.

Exemption of allowances: Griffith Settlement Act, 1923, and Army Pensions Act, 1937.

4. —(1) Income to which this section applies shall be exempt from income tax (including sur-tax) and shall not be reckoned in computing income for the purposes of the Income Tax Acts.

(2) This section applies to—

(a) any yearly sum payable under section 1 of the Griffith Settlement Act, 1923 (No. 5 of 1923), and

(b) any allowance payable under section 3 of the Army Pensions Act, 1937 (No. 15 of 1937).