Allowances.
36
42B. (1) In giving effect to an election under the provisions of this Part the assessor shall make a single assessment in the sum of the total income reduced by the following allowances—
(a) a personal allowance of seven thousand
dollars;
(b) an allowance of seven thousand dollars if at any time during the year of assessment the individual was married to a wife not being a wife living apart from her husband;
(c) an allowance of two thousand dollars if the individual had living and was maintaining during the year of assessment an unmarried child who was either under the age of eighteen years, or if over the age of eighteen years but under the age of twenty-five years was receiv ing full time education al a university, college, school or other educational establishment, and where the individual had more than one such child an allowance of two thousand dollars for the second child and one thousand dollars each for the third and fourth child and two hundred dollars for each subsequent child;
Provided that the total of the allowances to an individual in respect of his children shall not exceed seven thousand dollars;
(d) an allowance of-
(i) the annual amount of any premium paid by the individual to an insurance company during the year preceding the year of assess- ment, in respect of any insurance on his life or on the life of his wife not being a wife living apart from her husband, and
(ii) of the annual amount of any contribu- tion made during the year preceding the year of assessment by the individual to the Widows
37
and Orphans Pensions Scheme of the Colony or such other scheme or fund as the Com- missioner may approve as equivalent to a Widows and Orphans Pensions Scheme :
Provided that the total allowance made to the individual under this paragraph shall not exceed an amount equal to one-sixth part of the total income of such individual before deducting the allowances specified in para- graphs (b), (c), (d) and (e) of this subsection;
(e) an allowance of the amount of any interest payable on any money borrowed for the purpose of producing the total income or any part thereof.
(2) An individual who is liable to tax for a part only of a year of assessment prior to the year of assess- ment 1950/51 shall be entitled for that year to the same proportion only of the allowances under this section as the number of days during which he is liable bears to the number of days in that year of assessment.
(3) Every individual who claims an allowance under this section shall make his claim on the prescribed form and an allowance shall be granted only if the claim contains such particulars and is supported by such proof as the Commissioner may require,"
50. Section 43 of the principal Ordinance is amended-
(a) by the insertion in the first line of subsection (1) after the
word "the" of the following-
**individual in respect of his";
(b) by the insertion in the second line of subsection (1) after
the figures "42" of the following-
"B";
Amend- ment of section 43.