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Finance Act 1948

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This is the original version (as it was originally enacted).

2The rate of relief to be allowed from British income tax under Article 2(1) (a) of the said Agreement shall, as regards any dividend such as is mentioned in Article 1 of this Agreement, not exceed, in the case of a person whose income is chargeable to British income tax at the standard rate only, the net United Kingdom rate applicable to such dividend for the purposes of the said section 52(2) (a) and, in the case of a person part of whose total income for any year is chargeable to British income tax at a rate or rates in excess of the standard rate, the sum of the following rates :

(i)the said net United Kingdom rate, and

(ii)the rate ascertained by dividing the amount of the British sur-tax payable by that person for that year by the amount of his total income for that year.

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