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8 1995

FINANCE ACT, 1995

PART VII

Miscellaneous

Chapter I

Provisions Relating to Residence of Individuals

Amendment of Chapter IV (Interest Payments by Certain Deposit Takers) of Part I of Finance Act, 1986.

167. —As respects the year 1995-96 and subsequent years of assessment, Chapter IV of Part I of the Finance Act, 1986 , is hereby amended by the substitution of “resident” for “ordinarily resident” in paragraph (f) (i) of the definition of “relevant deposit” in subsection (1) of section 31 and in paragraphs (c), (d) and (e) of subsection (1) of section 37.

Amendment of section 175 (power to obtain information as to interest paid or credited without deduction of tax) of Income Tax Act, 1967.

168. —As respects the year 1995-96 and subsequent years of assessment, section 175 óf the Income Tax Act, 1967 , is hereby amended in subsection (4) and in the proviso thereto by the substitution of “resident” for “ordinarily resident” in each place where it occurs.

Amendment of section 152 (application of Part III (Schedule C) and section 52 (Schedule D) of Income Tax Act, 1967) of Finance Act, 1994.

169. —(1) Section 152 of the Finance Act, 1994 , is hereby amended by the substitution of the following proviso for the proviso to subsection (1):

“Provided that this section shall not apply in respect of—

(a) the income of an individual derived from one or more of the following, that is to say, a trade or profession, no part of which is carried on in the State or an office or employment all the duties of which are performed outside the State, and

(b) other income of an individual which in any year of assessment does not exceed £3,000.”.

(2) This section shall be deemed to apply and have effect as on and from the 23rd day of May, 1994.

Amendment of section 154 (deduction for income earned outside the State) of Finance Act, 1994.

170. —(1) Section 154 of the Finance Act, 1994 , is hereby amended in subsection (2) by the substitution of the following for the definition of “the specified amount”:

“‘the specified amount’ means an amount determined by the formula—

D × E

_____

365

where—

D is the number of qualifying days in the year of assessment concerned, and

E is all the income, profits or gains from an office, employment or pension whether chargeable under Schedule D or Schedule E (including income from offices or employments, the duties of which are performed in the State) of an individual in that year.”.

(2) This section shall be deemed to apply and have effect as on and from the 23rd day of May, 1994.