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Finance (No. 2) Act 1931

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This is the original version (as it was originally enacted).

FOURTH SCHEDULEAmendment of Enactments relating to Reliefs from Income Tax

Subject Matter.Enactment amended.Amendment.
Personal allowanceThe Finance Act, 1920, s. 18.

In subs. (1) for the words " two hundred and twenty-five pounds" there shall be substituted the words

one hundred and fifty pounds;

and for the words " one hundred and thirty-five pounds" there shall be substituted the words

one hundred pounds.

In subs. (2) for the words " five-sixths " there shall be substituted the words

four-fifths.

Deductions in respect of relative or other person taking charge of widower's or widow's children or acting as housekeeper or in respect of widowed mother, &c.The Finance Act, 1920, ss. 19 and 20, and the Finance Act, 1924, ss. 21 and 22.The amount on which a deduction of tax at the standard rate is to be allowed shall in each case be fifty pounds instead of sixty pounds.
Deduction in respect of children.The Finance Act, 1920, s. 21.

For the words " sixty pounds, "wherever they occur there shall be substituted the words

fifty pounds

; and for the words "fifty pounds" there shall be substituted the words

forty pounds.

Allowances in respect of earned income and allowances by reference to total income of persons of age of sixty-five years.The Finance Act, 1925, s. 15.

For the words " one-sixth ", wherever they occur, there shall be substituted the words

one-fifth

; for the words " two hundred and fifty pounds'' there shall be substituted the words

three hundred pounds

and for the words " one hundred and sixty pounds" there shall be substituted the words

one hundred and twenty-five pounds.

Relief from balance of tax chargeable after allowance of other reliefs.The Finance Act, 1927, s. 40 (2).

For the words " five-ninths ", wherever they occur, there shall be substituted the words

one-half

; and for the words " two hundred and fifty pounds " there shall be substituted the words

one hundred and seventy-five pounds.

Relief in respect of life insurance premiums, &c.The Income Tax Act, 1918, s. 32.Para. (f) of subs. (3) shall cease to have effect.

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