§ 12. "That—.
- (a) Income Tax shall be charged for the year beginning the sixth day of April, nineteen hundred and twenty-six, at the rate of four shillings in the pound, and the same Super-tax shall be charged for that year as was charged for the year beginning the sixth day of April, nineteen hundred and twenty-five; and
- (b) all such enactments as had effect with respect to the Income Tax and Super-tax charged for the year beginning the sixth day of April, nineteen hundred and twenty-five, shall have effect with respect to the tax charged for the year beginning the sixth day of April, nineteen hundred and twenty-six, subject to the provisions of the Tithe Act, 1925; and
- (c) the annual value of any property which has been adopted for the purpose of Income Tax under Schedules A and B for the year beginning the sixth day
178 of April, nineteen hundred and twenty-five, shall be taken as the annual value of that property for the same purpose for the year beginning the sixth day of April, nineteen hundred and twenty-six;
§ Provided that the foregoing provision relating to annual value shall not apply to lands, tenements, and hereditaments in the administrative county of London with respect to which the valuation list under the Valuation (Metropolis) Act, 1869, is by that Act made conclusive for the purposes of income Tax.
§ Income Tax computed on Profits of previous Period.
§ 13. "That£
- (a) where under the provisions of the Income Tax Acts Income Tax in respect of profits or gains or income from any source or in respect of the property in lands, tenements, hereditaments, or heritages is required to be computed by reference to the amount of the profits or gains or income of some period pro-ceding the year of assessment, Income Tax as so computed shall be charged for the year of assessment notwithstanding that no profits or gains or income arise from that source or that property for or within the year of assessment; and
- (b) the foregoing provision shall be deemed always to have had effect in relation to Income Tax chargeable in respect of the annual value of lands, tenements, hereditaments, or heritages falling within No. 11 or No. III of Schedule A, in relation to profits falling within Rule 8 of the Rules applicable to Schedule B, and in relation to profits or gains falling within Cases I, II, or VI of Schedule D.
§ British Income Tax and Irish Free State Income Tax.
§ 14. "That the agreement made the fourteenth day of April, nineteen hundred and twenty-six, between the British Government and the Government of the Irish Free State in respect of double income Tax be confirmed, and that for the purposes of the said agreement persons resident in Great Britain or Northern Ireland, whether or not also resident in the Irish Free State, shall be chargeable with Income Tax (including Super-tax) in respect of property situate and profits or gains arising in the Irish Free State in such manner and subject to such rules as Parliament may provide by any Act of the present Session relating to finance."179
§ Income Tax on Dividends payable out of Revenue of Northern Ireland.
§ 15. "That income Tax charged on interest, annuities, dividends, and shares of annuities payable out of the public revenue of Northern Ireland shall he paid on behalf of the persons, whether in Great Britain or Northern Ireland or elsewhere, entitled thereto by the persons intrusted with the payment thereof.
§ Deduction of income Tax in computing Tax for purposes of Excess Profits Duty.
(a) notwithstanding that an appeal is pending against an assessment to Income Tax in respect of the profits of 1 trade or business, the tax chargeable in accordance with that assessment shall. so far as unpaid, be deemed to be a debt within the meaning of paragraph of Part III of the Fourth Schedule to the Finance (No. 2) Act, 1915, and the deduction in respect of any such tax shall be made as on the date of the commencement of the first accounting period commencing after the date on which the certificate of assessment which includes the assessment in question was in fact signed by the General or Special Commissioners, as the case nay be, or as on the date of the commencement of the first accounting period commencing after the thirty-first day of December in the year for which the tax is assessed, whichever such date of commencement is the later;
Provided that where such an assessment is reduced on appeal, the amount to lie deducted shall be treated as having been the amount of the Income Tax on the reduced assessment; and
(b) the foregoing provisions shall be deemed to have had effect as from the commencement of Part III of the said Act.