CO129-595-3 Proposed introduction of income tax 12-12-1946 - 26-1-1947 — Page 78

is to be given against income tax in respect of the dividends;

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and

(b) a dividend is paid which is not of a class in

relation to which the arrangements so provide,

then, if the dividend is paid to a company which controls,

directly or indirectly, not less than one-half of the voting

power in the company paying the dividend, credit shall be

allowed as if the dividend were a dividend of class in

relation to which the arrangements so provide.

(8) Credit shall not be allewed under the arrangemen

against income tax chargeable in respect of the income of

any person for any year of assessment if he elects that credit

shall not be allowed in the case of his income for that year.

(9) Any claim for an allowance by way of credit shall be

de not later than two years after the and of he year of

assessment, and in the event of any dispute as to the amount

allowable the claim shall be subject to objection and appeal.

in like manner as an assessment.

(10) Where the amount of any credit given under the

arrangements is rendered excessive or insufficient by reason

of any adjustment of the amount of any tax payable either in the

Colony or elsewhere, nothing in this Ordinance limiting the

time for the making of assessments or claims for relief shall

apply to any sessment or claim to which the adjustment

gives rise, being an assessment or claim made not later than

two years from the time when all such assessments, adjustments

and other determinations have been made, whether in the Colony

or elsewhere, as are material in determining whether any and

if so what credit falls to be givan.