Interest tax amendment sets a fixed rate for chargeable interest arising after the statutory cut-off under amended section four. An amendment to section 4(2) of the Interest-tax Act inserts a proviso prescribing the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the specified cut-off, and gives that proviso effect from the commencement date provided in the Finance Act, 1997, thereby fixing the tax treatment of such chargeable interest under section 4(2).
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Provisions expressly mentioned in the judgment/order text.
Interest tax amendment sets a fixed rate for chargeable interest arising after the statutory cut-off under amended section four.
An amendment to section 4(2) of the Interest-tax Act inserts a proviso prescribing the rate at which interest-tax shall be charged in respect of any chargeable interest accruing or arising after the specified cut-off, and gives that proviso effect from the commencement date provided in the Finance Act, 1997, thereby fixing the tax treatment of such chargeable interest under section 4(2).
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