(1)The salary of a Member of the House of Commons shall, for all the purposes of the Income Tax Acts, be treated as reduced by the amounts deducted in pursuance of section 1 of the [1939 c. 49.] House of Commons Members' Fund Act 1939; but a Member shall not by reason of any such deduction be entitled to relief under any other provision of the Income Tax Acts.
(2)In subsection (1) above the reference to salary shall be construed as mentioned in subsection (3) of section 1 of the House of Commons Members' Fund Act 1939, the reference to amounts deducted includes a reference to amounts required to be set aside under that subsection, and “deduction” shall be construed accordingly.
(3)Periodical payments granted out of the House of Commons Members' Fund (including periodical payments granted out of sums appropriated from that Fund or out of the income from those sums) shall be charged to income tax under Schedule E.
(4)The respective trustees of—
(a)the House of Commons Members' Fund established under section 1 of that Act of 1939;
(b)the Parliamentary Contributory Pension Fund;
(c)the Members' Contributory Pension (Northern Ireland) Fund constituted under section 3(2) of the [1965 c. 18 (N.I.).] Ministerial Salaries and Members' Pensions Act (Northern Ireland) 1965; and
(d)the Assembly Contributory Pension Fund constituted under the [S.I. 1976/1779.] Assembly Pensions (Northern Ireland) Order 1976;
shall be entitled to exemption from income tax in respect of all income derived from those Funds or any investment of those Funds.
A claim under this subsection shall be made to the Board.