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Finance (No. 2) Act 1915

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This is the original version (as it was originally enacted).

22Charge of Schedule B tax

(1)Sections twenty-six and twenty-seven of the Finance Act, 1896, shall, as respects income tax under Schedule B, have effect as if references to one-third of the annual value were references to the annual value.

(2)The annual value in Ireland for the purpose of income tax under Schedule B. shall be taken to be—

(a)the judicial rent fixed under the Land Law (Ireland) Act or any of them; or

(b)the annual interest payable to the Irish Land Commission in lieu of rent under the Land Purchase (Ireland) Acts or any of them; or

(c)the purchase annuity payable under the Land Purchase Ireland) Acts or any of them;

in any case in which it is shown that the judicial rent, the annual interest in lieu of rent, or the purchase annuity, as the case may be, is less than the Poor Law valuation.

(3)The election of a person occupying lands for the purposes of husbandry to be assessed under Schedule D. may, in the current income tax year, be signified as provided by section eighteen of the Customs and Inland Revenue Act, 1887, at any time before the seventh day of February nineteen hundred and sixteen.

(4)Any person occupying woodlands, who proves to the satisfaction of the general Commissioners that those woodlands are managed by him on a commercial basis and with a view to the realisation of profits, may elect to be charged to income tax in respect of those woodlands under Schedule D. instead of under Schedule B. in the same manner as a person occupying lands for the purpose of husbandry only, and section eighteen of the Customs and Inland Revenue Act, 1887, shall apply accordingly, subject as follows:—

(a)Any such election shall extend to all woodlands so managed on the same estate ; and

(b)The election shall have effect, not only as respects the year of assessment mentioned in that section, but also as respects all future years of assessment so long as the woodlands are occupied by the person making the election.

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