This section ensures that where a non-resident individual claims, under section 153 (2) of the Income Tax Act, 1967, a proportion of the personal allowances, he will be entitled to a tax credit and by virtue of section 83 will be chargeable in respect of the aggregate of the distribution and the tax credit in a similar manner to a resident shareholder. The section also secures that he will not come within section 67—which provides for a reduction of the income of a non-resident individual represented by a distribution out of " export " profits—or section 83 (4)—which, in effect, limits the income tax liability under Schedule F of a non-resident company to the excess of the higher-rate tax over the standard rate tax. The section preserves the existing income tax provision.
SECTION 160.
Question proposed: " That section 160 stand part of the Bill."
Question put and agreed to.