Financial Resolution No. 1. - Financial Resolution No. 3.—Income Tax.
(1) That an individual who makes, in the manner prescribed by the Income Tax Acts, a claim in that behalf and makes a return in the prescribed form of his total income shall, for the purpose of ascertaining the amount of his assessable income for the purpose of income tax, be allowed a deduction from the amount of his earned income equal to:—
(a) one-sixth of so much of that income as does not exceed four hundred and fifty pounds, and
(b) one-tenth of so much of that income as exceeds four hundred and fifty pounds,
but not exceeding, in the case of any individual, the sum of two hundred pounds.
(2) That sub-section (1) of Section 18 of the Finance Act, 1920, shall be construed and have effect as if the words "one hundred and twenty-five pounds" were substituted therein for the words "one hundred and thirty-five pounds."
(3) That sub-section (1) of Section 21 of the Finance Act, 1920, shall be construed and have effect as if the words "each child to a deduction of fifty pounds" were substituted therein for the words "one child to a deduction of thirty-six pounds and in respect of each subsequent child to a deduction of twenty-seven pounds."
(4) That an individual who makes, in the manner prescribed by the Income Tax Acts, a claim in that behalf and makes a return in the prescribed form of his total income shall be entitled to be charged at half the standard rate of tax on the first one hundred pounds of his taxable income.
(5) That Section 16 and 23 of the Finance Act, 1920, shall be repealed.