INCOME TAX ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

 

Administration

   3   [Deleted by Act 12 of 1985 Sch.]

   4   Duty to regard documents, etc, as secret and to make declaration

 

Imposition of Income Tax

   5   Chargeable income

   5A   Treatment of concessionary loans

 

Statutory Incomes

   6   Statutory incomes

   7   Post-cessation receipts

   8   Provisions supplementary to section 7

   9   Valuation of trading stock on cessation

   10   Valuation of work in progress at cessation

   11   Valuations for the purposes of sections 8, 9 and 10

 

Exemptions

   12   Incomes exempt from income tax

 

Ascertainment of Chargeable Income

   13   Deductions allowed

   14   Debts set off against profits and subsequently released

   14A   Deduction in respect of additional workers

   14B   Deduction in respect of specified workers

   15   Deductions not allowable

   15A   [Deleted by Act 16 of 1991 s 64.]

   16   Artificial transactions, transfers to children and transfers in trust

   17   Anti-avoidance: high or low consideration

   18   Anti-avoidance: transactions in securities

   19   Transfers to persons abroad

   20   Change of residence, etc, by bodies corporate

   20A   Notification of commencement and cessation of employment of employee of group head office company who is not resident in the Island

   20B   Repayment of tax relieved by employee of an approved group head office company

 

Personal Reliefs

   21    [Repealed by Act 4 of 1986.]

   22    [Repealed by Act 4 of 1986.]

   23    [Repealed by Act 4 of 1986.]

   24    [Repealed by Act 4 of 1986.]

   25    [Repealed by Act 4 of 1986.]

   25A    [Repealed by Act 4 of 1986.]

   25B    [Repealed by Act 4 of 1986.]

   25C    [Repealed by Act 4 of 1986.]

   25D    [Repealed by Act 4 of 1986.]

   25E   Tax credit in respect of payment of contractors levy

   25F   Tax credit in respect of cess paid on imports

 

Non-residents

   26   [Repealed by Act 4 of 1986.]

   27   Persons not domiciled or Commonwealth citizens not ordinarily resident in this Island; basis of computation

   28   Temporary absentees

   29   Temporary residents

 

Rates of Tax

   30   Rates of income tax

   31   Rates of income tax payable by non-residents

   31A   Deduction from interest payments

 

Income Tax on Bodies Corporate

   32   Adjustment for contractor's levy

   33   [Repealed by Act 3 of 1987.]

   33A   [Repealed by Act 16 of 1990.]

   34   Company distributions: relevant acts

   35   Company distributions: loans to principal members' etc

   36   Company distributions: determination of amount

 

Approved Venture Capital Company

   36A   Venture capital company, designation, etc

   36B   Qualifications for relief in any year of assessment

   36C   Tax relief for approved venture capital company

 

Agricultural Income

   36D   Relief in respect of prescribed agricultural activity

 

Approved Group Head Office Company

   36E   Application for designation as an approved group head office company

   36F   Grant or refusal of certificate

   36G   Variation, etc of certificate

   36H   Cancellation of certificate

   36I   Records

Deduction of Tax

   37   Deduction of tax from dividend

   38   Company distributions: deduction of tax

   38A   Exemption of shareholder in approved venture capital company

   38B   [Repealed by LN 69B/04 (with effect from 11 June 2004 to 10 December 2004).]

   39   Unit trust income payments: deduction of tax

   40   Deduction from payment to non-resident

   40A   Deduction from emoluments in relation to certain rentals

   41   Payment over of tax deducted at source

   42   Allowance for tax charged

   43   Adjustments of reliefs where reliefs not all given at the same time

 

Superannuation Funds

   44   Approved Superannuation Funds

   44A   Approved retirement schemes

 

Industrial Societies, etc

   45   Industrial and Provident Societies and Building Societies

   46   Share interest to be paid without deduction of tax

   47   Exemption from tax of profits allocated to reserves of building society

 

Insurance, Shipping and Aircraft Companies

   48   Insurance, shipping and aircraft companies

   48A   Deduction of tax from interest payments on certain deposits or investments with insurance companies

 

Persons Chargeable

   49   Separate assessment and charge of wife's income

   50   Election to joint assessment

   51   [Repealed by Act 16 of 1980.]

   52   Corporations

   53   President or principal officer of registered society answerable

   54   Representatives of non-resident persons chargeable

   55   Trustees, etc, and personal representatives answerable

   56   Representatives may retain amount payable for income tax

   57   Liability of representatives for payment of income tax

   58   Delivery of list by persons in receipt of taxable income belonging to others

 

Pension Rights of Directors and Employees

   59   Charge to tax in respect of provision for retirement or other benefits to directors and employees of bodies corporate

   60   Exemptions from charge to tax under section 59

   61   Approval of retirement benefits scheme

   62   Aggregation and severance of schemes

   63   Supplementary provisions

   64   Application to unincorporated societies, etc

 

Payment of Estimated Tax During Current Year of Assessment

   65   Payment of estimated income tax

   66   Duty to declare estimated tax

 

Returns

   67   Returns of income

   68   Notice of income in excess of eight thousand five hundred and eighty dollars

   69   Returns of trades, etc, carried on by two or more persons jointly

   70   Duty of persons served with notice to make returns, and powers of Commissioner

   71   Duty of registered society to make returns, and basis of assessment

 

Assessments

   72   Power of Commissioner to make assessments, and penalty for fraudulent conversion of property or making fraudulent statements, etc

   73   Formal assessment to be unnecessary in certain cases

   74   Assessment lists

   75   Notice of assessment and objection to assessment

 

Appeals

   76   Appeals

 

Collection of Income Tax

   77   Extracts from assessment lists to be sent to Commissioner of Inland Revenue for collection and collection of tax pending appeal

   78   When income tax payable. Collection of income tax on certain emoluments

   78A   Designation of responsible officer by body corporate

   79   Enforcing payment of taxes

   80   Income tax may be recovered by suit

 

Repayment of Tax

   81   Repayment of tax, claims and appeals

   81A   Recovery of overpayment of tax

 

Relief against Double Income Tax

   82   Relief against double tax

   83   Power of Minister to make orders declaring arrangements to be in force with other territories

   84   Credits of tax payable in other territories in respect of which arrangements are in force

   85   Deduction of tax from dividends

 

General

   86   Power of Minister to remit tax

   87   Notices

   88   Power of Commissioner to demand payment of tax before a person assessed leaves the Island, and to receive tax

   89   Traders, etc, to keep accounts in English

   90   Provisions as to evidence in cases of fraud or wilful default

   91   Power to obtain and verify information

   92   Regulations-power to make

   92A   Regulations relating to approved group head office company

   93   Power to make rules and vary, etc

   94   Regulations and rules in Second Schedule

   95   Power to name territories in the Commonwealth

   96   Commencement of regulations, etc

   97   Appointment of agent

   98   Treatment of farm animals for income tax purposes

 

Penalties

   99   Offences

   100   Penalty for other offences

   101   Penalty for refusing to allow deduction of tax and avoidance of agreements for payment without deduction

   102   Proceedings

   103   Power of Commissioner to stay or compound proceedings

   104   Minister may amend penalties, etc, by order

      SCHEDULES

 

THE INCOME TAX ACT

[Date of Commencement: 1st January, 1955]

<TS:1.4375,NM,NO,2.75,NM,NO,4.25,NM,NO>Laws
59 of 1954,
7 of 1956,
29 of 1957,
42 of 1958,
41 of 1959.

<TS:1.4375,NM,NO,2.75,NM,NO,4.25,NM,NO>Acts
37 of 1961,   1 of 1972,   9 of 1986,
9 of 1963,   2 of 1972,   3 of 1987,
10 of 1963,   23 of 1972,   24 of 1987,
33 of 1964,   49 of 1973,   25 of 1987,
23 of 1965,   53 of 1974,   8 of 1990,
27 of 1965,   46 of 1975,   16 of 1990,
38 of 1965,   48 of 1975,   13 of 1991,
47 of 1965,   36 of 1976,   16 of 1991,
48 of 1965,   38 of 1976,   5 of 1992,
44 of 1966,   7 of 1977,   7 of 1994,
45 of 1966,   22 of 1977,   9 of 1994,
4 of 1968,   31 of 1977,   12 of 1994,
16 of 1968,   13 of 1979,   41 of 2002,
29 of 1969,   16 of 1980,   28 of 2003,
42 of 1969,   5 of 1982,   12 of 2004,
47 of 1969,   13 of 1982,   14 of 2006,
24 of 1970,   21 of 1982,   1 of 2008,
30 of 1970,   8 of 1983,   10 of 2009,*
34 of 1970,   1 of 1984,   6 of 2012.
18 of 1971,   12 of 1985,
29 of 1971,   15 of 1985,
31 of 1971,   21 of 1985,
37 of 1971,   4 of 1986,

LNs
8B/2002,
87F/2003,
151/2003,
69B/2004.

1   Short title

   This Act may be cited as the Income Tax Act.

2   Interpretation

   (1) In this Act, unless the context otherwise requires-

[9/1963 s 9(1)(b).]

   "approved association" means any association which is an approved association under the Agricultural Marketing Act, and any other association declared by the Minister to be an approved association for the purposes of this Act, so, however, that no association shall be so declared by the Minister to be an approved association for the purposes of this Act unless-

   (a)   a substantial proportion of its members are engaged in the production of some article produced in the Island; or

   (b)   its membership comprises a number of associations a substantial proportion of the members of which are so engaged;

   "approved farmer" means a person designated as such by the Minister pursuant to subsection (1) of section 36D;

[21/1982 s 2(a).]

   "approved fund" means a fund constituted in a manner approved by the Minister for purposes so approved, and declared by the Minister to be an approved fund:

[9/1963 s 9(1)(b).]

   Provided that no sum in respect of which no income tax is payable by reason of its being part of an approved fund, shall be used for any purposes other than purposes approved by the Minister;

   "approved group head office company" means a company or other body corporate to whom a certificate has been issued pursuant to section 36F designating it as an approved group head office company;

[6/2012 s 2.]

   "approved overseas organisation" means any organisation-

[46/1975 s 2.]

   (a)   being a corporation, or an association of persons, not resident in the Island;

   (b)   the business of which includes granting loans, affording facilities for credit or accepting deposits; and

   (c)   which is approved for the purposes of paragraph (x) of section 12 by order made by the Minister acting after consultation with the Governor of the Bank of Jamaica;

   "approved public utility" means any undertaking which the Minister is satisfied renders such services to the community as to constitute the operation of a public utility and which he declares by order to be an approved public utility for the purposes of paragraph (s) of section 12;

[33/1964 s 2.]

   "approved retirement scheme" means a retirement scheme registered under the Pensions (Superannuation Funds and Retirement Schemes) Act, and approved by the Commissioner under this Act;

[3/1987 s 2(b); 1/2008 s 2(a).]

   "approved superannuation fund" means a superannuation fund registered under the Pensions (Superannuation Funds and Retirement Schemes) Act, and approved by the Commissioner under this Act;

[7/1956 s 2(1)(a); 1/2008 s 2(b).]

   "approved venture capital company" means a company designated as such by the Minister pursuant to subsection (1) of section 36A;

[21/1982 s 2(b).]

   "beneficiary", in relation to an approved superannuation fund or approved retirement scheme, means-

   (a)   the person designated by a participant in the fund or scheme to benefit from his entitlement in the fund or scheme;

   (b)   the person who has a beneficial interest in the fund or scheme under the last will and testament of a participant in the fund or scheme; or

   (c)   a person who has a beneficial interest in the fund or scheme under any enactment;

[30/1970 s 2(1)(b); 1/2008 s 2(c).]

   "body corporate subject to income tax" means any body corporate, wherever resident' other than one whose entire income is by section 12 or any other enactment exempted or relieved from income tax;

[3/1987 s 2(b).]

   "body of persons" means any body politic, corporate or collegiate, and any company, fraternity, fellowship and society of persons, whether corporate or not corporate;

   "building society" means any society incorporated under the Building Societies Act;

   "chargeable income" means the aggregate amount of income of any person from all sources remaining after allowing the appropriate deductions and exemptions under this Act;

   "Commissioner" means the Commissioner of Taxpayer Audit and Assessment appointed under section 11E of the Revenue Administration Act;

[12/1985 Sch; LN 165/1999.]

   "Commissioner of Taxpayer Appeals" means the Commissioner of Taxpayer Appeals appointed under section 11B of the Revenue Administration Act;

[LN 8B/2002.]

   "the Commonwealth" shall be deemed to include those territories and their dependencies which are named in any order made under section 95;

[7/1956 s 2(1)(b).]

   "company" means any company incorporated or registered under any enactment in force in the Island and any company which, though incorporated or registered outside the Island, carries on business or has an office or place of business therein;

   "connected persons" shall be construed in accordance with subsection (2);

[30/1970 s 2(1)(b).]

   "control", in relation to a body corporate, means the power of a person to secure by means of the holding or the possession of voting power in or in relation to that or any other body corporate, or by virtue of any powers conferred by the articles of association or other document regulating that or any other body corporate, that the affairs of the first-mentioned body corporate are conducted accordance with the wishes of that person, and, in relation to a partnership, means the right to a share of mom than one-half of the assets, or of more than one-half of the income of the partnership;

[34/1970 s 6.]

   "deferred pensioner" means a member of a fund or scheme who has ceased being an active member of the fund or scheme, but is entitled to receive a pension at a future date from the fund or scheme;

[1/2008 s 2(d).]

   "director" means, except where otherwise provided-

[34/1970 s 6.]

   (a)   in relation to a body corporate the affairs whereof are managed by a board of directors or similar body, a member of that board or similar body;

   (b)   in relation to a body corporate the affairs whereof are managed by a single director or similar person, that director or person;

   (c)   in relation to a body corporate the affairs whereof are managed by the members themselves, a member of the body corporate,

and includes any person, other than a person giving advice purely in a professional capacity, on whose direction or instructions any director (as so defined) is accustomed to act;

   "distribution" has the meaning assigned to it by section 34, and the amount of a distribution shall be determined in accordance with section 36;

[34/1970 s 6.]

   "earned income" means in relation to any individual-

[37/1971 s 2.]

   (a)   any income arising in respect of any remuneration from any office or employment of profit held by the individual, or in respect of any pension, superannuation or other allowance, deferred pay or compensation for loss of office, given in respect of the past services of the individual or of the husband or parent of the individual in any office or employment of profit, or given to the individual in respect of past services of any deceased person, whether the individual or husband or parent of the individual shall have contributed to such pension, superannuation allowance or deferred pay or not; and

   (b)   any income from any property which is attached to or forms part of the emoluments of any office or employment of profit held by the individual; and

   (c)   any income which is immediately derived by the individual from the carrying on or exercise by him of his trade, business, profession or vocation, either as an individual or in the case of a partnership, as a partner personally acting therein,

so, however, that where the income of a wife is deemed to be the income of the husband, any reference in this definition to the individual includes either the husband or the wife;

   "educational institution" has the meaning assigned to it by the Education Act;

[4/1986 s 2(a).]

   "emoluments" includes, in relation to any office or employment of profit-

[4/1986 s 2(a).]

   (a)   all salaries, fees, wages, all provision or payment, as the case may be, in respect of living or other accommodation, entertainment, utilities, domestic or other services and other benefits, perquisites and facilities whatsoever (whether or not similar to any of the foregoing and whether in money or otherwise); and

   (b)   without prejudice to the provisions of section 13, all sums paid to any person by an employer in respect of expenses whether reimbursable or not;

   (c)   all annuities, pensions, superannuation or other allowances payable in respect of past services in any office or employment of profit, whether legally due or voluntary, and including lump sums paid in commutation or in lieu of a pension or other periodical superannuation payment, and any payment of money made, or other valuable consideration given, to any person being the holder or past holder of any office or employment of profit in consideration for, or otherwise in connection with, the termination of the holding of that office or employment (otherwise than by death) or any change in its nature or terms, or any undertaking given by that person as to his future conduct, whether the payment is made to that person or to his relative or dependant (in which case it shall be treated as made to that person, unless he is dead, when it shall be treated as made to the recipient thereof);

   "group head office activities" means the following activities carried out by an approved group head office company-

   (a)   the supervision, management and monitoring of the operations of the approved group head office company;

   (b)   the provision of accounting, data processing, engineering and other technical support;

   (c)   centralised treasury management and other similar funding activities;

   (d)   business planning and coordination;

   (e)   the making of loans and the provision of corporate finance advisory services;

   (f)   the holding of shares and the receipt of dividends and management fees;

   (g)   the holding and grant of rights over trademarks, patents and other intellectual property;

   (h)   the provision of staff; and

   (i)   such other activities as may be specified by the Minister by order published in the Gazette;

[6/2012 s 2.]

   "immediate relative" means a relative other than a brother, sister, uncle, aunt, nephew or niece;

[30/1970 s 2(1)(d).]

   "incapacitated person" means any infant, person of unsound mind, idiot or insane person;

   "investment income" means income which would be the chargeable income of a body corporate if there were left out of account receipts and deductions so far as they entered into the computation of its trading and estate income;

[34/1970 s 6.]

   "Jamaica Stock Exchange'' means a body of persons which the Minister has certified to be the Jamaica Stock Exchange;

[30/1970 s 2(1)(e).]

   "new consideration", in relation to a distribution by a body corporate, means consideration not provided out of the assets or at the cost of the body corporate;

[34/1970 s 6.]

   "participant", in relation to an approved superannuation fund or approved retirement scheme, means a person who is an active member, deferred pensioner or pensioner;

[1/2008 s 2(d).]

   "person" means any individual and also any body of persons;

   "personal services" includes services of a professional, clerical, technical, administrative or managerial nature;

[41/2002 s 2.]

   "preference capital" means preference shares or preferred shares;

[34/1970 s 6.]

   "preference dividend" means-

[34/1970 s 6.]

   (a)   a dividend payable on preference capital at a fixed gross rate per centum; or

   (b)   where a dividend is payable on preference capital partly at a fixed gross rate per centum and partly at a variable rate, such part of that dividend as is payable at a fixed gross rate per centum;

   "prescribed" means prescribed by the Commissioner;

   "principal member" means a person who, in relation to a body corporate, is beneficially entitled to exercise more than five per centum of the voting power or is beneficially entitled to shares the paid-up value of which amounts to at least five per centum of the paid-up share capital, or is, together with other persons connected with him, beneficially entitled to exercise more than ten per centum of the voting power or beneficially entitled to shares the paid-up value of which amounts to at least ten per centum of the paid-up share capital;

[30/1970 s 2(1)(f).]

   "qualified unit trust scheme" means a scheme which, throughout the year of assessment (or, where the scheme is registered under the Unit Trusts Act during the year of assessment, throughout the part thereof subsequent to that registration) is a registered unit trust scheme (within the meaning of that Act) in which there are not less than two hundred unit holders, treating as one unit holder persons who form a group of two or more, each of whom is connected with the other member or members of the group;

[18/1971 s 2.]

   "recognised stock exchange" means-

   (a)   the Jamaica Stock Exchange;

[34/1970 s 6.]

   (b)   any other stock exchange recognised by the Minister by order for the purposes of this Act, such recognition to be from such date as is specified in the order;

[37/1971 s 3.]

   "relative" as respects any person, means his or her husband or wife, or brother, sister, uncle, aunt, nephew, niece or lineal ancestor or descendant (the stepchild or adopted child of any person being taken into account as a relative or to trace a relationship in the same way as that persons child);

[30/1970 s 2(1)(g); 36/1976 Sch.]

   "remuneration" in relation to an employed person means all salaries, wages, fees, commissions and allowances paid to the person;

[1/2008 s 2(d).]

   "security" means any evidence of indebtedness, whether or not evidencing a charge on assets;

[34/1970 s 6.]

   "shares" includes stock, and any other interest of a member as such in a body corporate;

[34/1970 s 6.]

   "spouse" includes-

   (a)   a single woman who has lived and cohabited with a single man as if she were in law his wife for a period of not less than five years immediately preceding the date of his death; and

   (b)   a single man who has lived and cohabited with a single woman as if he were in law her husband for a period of not less than five years immediately preceding the date of her death;

[1/2008 s 2(d).]

   "statutory income" means, subject to section 6, the aggregate amount of income of any person from all sources remaining after allowing the appropriate deductions and exemptions under this Act;

[34/1986 s 2(b).]

   "trade" includes every trade, manufacture, adventure or concern in the nature of trade;

   "trading and estate income" means so much of the income of a body corporate (computed in accordance with the rules governing the calculation of chargeable income) as is referable to the carrying on of a trade, business or profession or the ownership or occupation of land, and in calculating trading and estate income payments deductible under section 13 shall be apportioned between that and any investment income of the body corporate as may be appropriate;

[34/1970 s 6.]

   "unit holder", in relation to a qualified unit trust scheme, means a holder of securities (as defined in the Unit Trusts Act) created in pursuance of the scheme, whether described as units or otherwise;

[18/1971 s 2.]

   "voting power" means the totality of the rights to cast votes on any resolution proposed at a general meeting of the body corporate;

[34/1970 s 6.]

   "year of assessment" means the period of twelve months commencing on the first day of January in each year.

   (2) For the purposes of this Act the following persons shall be treated as being connected with a given person ("A") and he with them, and shall be so treated notwithstanding that at the relevant time any of the persons in question (not being individuals) had not yet come into existence or had ceased to exist-

[30/1970 s 2(2).]

   (a)   A's relatives;

   (b)   the husband or wife of any relative of A;

   (c)   A's partners;

   (d)   where A is a trustee of a settlement (other than a settlement where the sole trustee is a trust corporation for the purposes of the Judicature (Trust Corporations) Act, or all the trustees are such corporations, and none of the beneficiaries is connected with a settlor of the settlement or with a person connected with a settlor, or would be so connected if he were the sole beneficial owner of the property comprised in the settlement)-

         (i)   any settlor of the settlement,

         (ii)   any person connected with a settlor of the settlement,

         (iii)   any body corporate a principal member of which is a trustee of the settlement;

   (e)   where A is a settlor or beneficiary of a settlement, any body corporate a principal member of which is a trustee of the settlement;

   (f)   any person acting together with A to secure or exercise control of a body corporate;

   (g)   any person acting on the directions of A to secure or exercise control of a body corporate;

   (h)   bodies corporate of which A has control;

   (i)   bodies corporate of which A and persons connected with him together have control;

   (j)   where A is a body corporate (and without prejudice to the application of any of the preceding paragraphs where A is a body corporate)-

         (i)   bodies corporate under the control of the same persons (other than individuals) connected with person who has control of A,

         (ii)   bodies corporate under the control of persons (other than individuals) connected with the person who has control of A,

         (iii)   bodies corporate under the control of the following persons, namely, a person who has control of A and persons (other than individuals) connected with that person,

         (iv)   bodies corporate under the control of a group of two or more persons which has the same membership as a group having control of A or could be so regarded by treating a member of either group as replaced by a person with whom he is connected,

         (v)   the trustees or other persons having the management of an approved superannuation fund in relation to which A is the employer (for the purposes of section 44 only);

   (k)   where A is a principal member of a body corporate-

         (i)   the body corporate,

         (ii)   (for the purposes of section 44 only) the trustees or other persons having the management of an approved superannuation fund in relation to which the body corporate is the employer.

   (3) Where the Commissioner notifies a body corporate in writing that, in relation to that body corporate, he proposes to treat specified persons as being connected persons, the notification shall have effect for the purposes of this Act until varied or revoked by a subsequent notification in writing sent to the body corporate by the Commissioner.

[16/1980 s 2(c).]

Administration (sections 3-4)

3   [Deleted by Act 12 of 1985 Sch.]

4   Duty to regard documents, etc, as secret and to make declaration

   (1) Every person having any official duty or being employed in the administration of this Act shall regard and deal with all documents, information, returns, assessment lists and copies of such lists relating to the income or items of the income of any person, as secret and confidential, and shall make and subscribe a declaration to that effect before a Justice of the Peace.

   (2) Every such person having possession of or control over any documents, information, returns or assessment lists, or copies of such lists relating to the income or items of income of any person, who at any time communicates or attempts to communicate such information or anything contained in such documents, returns, lists or copies to any person-

   (a)   other than a person to whom he is authorised by the Minister to communicate it; or

[9/1963 s 9(1)(b).]

   (b)   otherwise than for the purposes of this Act,

shall be guilty of an offence against this Act.

Imposition of Income Tax (sections 5-5A)

5   Chargeable incomes

   (1) Income tax shall, subject to the provisions of this Act, be payable by every person at the rate or rates specified hereafter for each year of assessment in respect of all income, profits or gams respectively described hereunder-

[30/1970 s 3(a).]

   (a)   the annual profits or gains arising or accruing-

         (i)   to any person residing in the Island from any kind of property whatever, whether situated in the Island or elsewhere; and

         (ii)   to any person residing in the Island from any trade, business, profession, employment or vocation whether carried on in the Island or elsewhere; and

         (iii)   to any person, whether a Commonwealth citizen or not, although not resident in the Island, from any property whatever in the Island, or from any trade, business, profession, employment or vocation exercised within the Island, or from the provision to any person residing in the Island of industrial or commercial information or advice, or management or technical services, or similar services or facilities, or plant or equipment on hire (otherwise than under a bona fide hire-purchase agreement as defined in subsection (1) of section 2 of the Hire-Purchase Act);

[9/1963 s 9(1)(c); 30/1970 s 3(b).]

   (b)   profits or gains accruing in or derived from the Island or elsewhere, and whether received in the Island or not in respect of-

         (i)   dividends (other than those falling within exception (b) of paragraph (1) of the table contained in section 34), discounts, interests (including interest referred to in section 31A), annuities, pensions or other annual sums;

[34/1970 s 6; 9/1994 s 2(a).]

         (ii)   rents, royalties, premiums and any other profits arising from property;

         (iii)   any employment or vocation;

[42/1958 s 2(b).]

         (iv)   distributions (not falling within sub-paragraph (i)) by a body corporate subject to income tax;

[34/1970 s 6; 16/1990 s 2.]

         (v)   the accretion realised on the encashment, disposal or redemption of any units or other form of investment in a money market fund (within the meaning of section 31A) which had been acquired under a policy of insurance issued on or after the 1st June, 1999;

[41/2002 s 3(a).]

         (vi)   the accretion realised on the encashment, disposal or redemption on or after the 1st June, 1999, of any units in a money market fund (within the meaning of section 31A) operated by a qualified unit trust scheme;

[41/2002 s 3(a).]

   (c)   all emoluments arising or accruing to any person (or any member of his family or household) by reason of his office or employment of profit:

[4/1986 s 3(a)(i).]

         Provided that-

         (i)   the said emoluments shall not include-

         (A)   any payment made to an employee in respect of meal allowance in relation to work done outside of normal working hours; or

[4/1986 s 3(a) (ii).]

         (B)   any payment of an allowance in respect of the provision of a uniform or the laundering thereof to an employee who falls within any of the categories specified in Appendix B of Part I of the Second Schedule, and who the Commissioner is satisfied is required to wear a uniform for the purpose of protection or identification in the interest of safety, security or public health; or for any purpose as may be required by law or pursuant to any international agreement so however, that, the maximum amount of allowance which shall be allowable shall be $5,739 per annum in respect of the provision of uniform and $3,395 per annum in respect of laundry or such other amounts as the Minister may by order prescribe;

[9/1994 s 2(b); 41/2002 s 3(c).]

         (ii)   the said emoluments shall not include emoluments of an office or employment of profit held by a person in the course of a trade, profession or business if either-

         (A)   any emoluments of that office or employment were taken into account in the case of that person in computing the profits or gains of that trade, profession or business for the purposes of income tax for the year of assessment, or

         (B)   the office or employment is such that the emoluments thereof would ordinarily be taken into account in computing the profits or gains of that trade, profession or business;

         (iii)   the annual value of accommodation provided among the emoluments of any person shall, for the purposes of this paragraph, be determined by the Commissioner having regard to such regulations (if any) as may be prescribed by the Minister, but, subject to section 40A, as regards any person-

         (A)   where the annual value is not greater than the total emoluments (other than the value of accommodation) paid or payable for the year of assessment to such person, such annual value shall be deemed not to exceed 15 per cent of such emoluments;

         (B)   where the annual value is greater than the total emoluments, (other than the value of accommodation) such annual value shall be deemed to be 15 per cent of the average of the annual value plus other emoluments including emoluments paid by connected persons;

[31/1977 s 2(b); 4/1986 s 3(a)(iii); 41/2002 s 3(c).]

         (iv)   the said emoluments shall not include-

[30/1970 s 4(b).]

         (A)   any lump sum paid out of the Consolidated Fund or any other fund or account designated by the Minister as being a public fund or account, or

         (B)   such other sums as may be excepted by the Minister by order subject to affirmative resolution by the House of Representatives, being sums (or portions of sums) paid in respect of termination of employment whether by way of commutation of pension, terminal gratuity, severance pay or compensation for accident, illness, redundancy, loss of office or wrongful dismissal, or otherwise,

            and any order under sub-paragraph (B) may include provision whereby portions of sums mentioned in that sub-paragraph which are not excepted by the order may be treated as income accruing over such period as may be specified in the order;

         (v)   where by reason of a person's employment a motor vehicle is made available (without any transfer of the property in it) for the private use of that person or members of his family or household, then the value of any benefit accruing therefrom shall be determined by the Commissioner having regard to such regulations (if any) as may be prescribed by the Minister;

[4/1986 s 3(a)(iv).]

         (vi)   the said emoluments shall not include any sum paid in respect of the maintenance of a telephone made available at the residence of a person and used for purposes connected with his employment;

[41/1986 s 3(a)(iv).]

         (vii)   where a credit card is provided for any person (hereinafter in this section referred to as the employee) by reason of his employment then-

[4/1986 s 3(a)(iv).]

         (A)   without prejudice to the provisions of section 13, on each occasion that the employee uses the credit card to obtain money, goods or services, he shall be treated as having received from his employment an emolument of an amount equal to the expense incurred by the person providing the credit card in or in connection with the provision of the money, goods or services obtained but the actual money, goods or service obtained by the employee by the use of the credit card, shall be disregarded; and

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