56.
| (1) Section 39 of the Inland Revenue Act, No. 4 of 1963 (hereinafter referred to as the " principal Act"), is hereby amended by the substitution, for subsection (1) of that section, of the following subsection: -
| | ' (1) Subject to the other provisions of this Chapter, there shall be charged from every individual, other than an individual referred to in section 28, a tax which is hereinafter in this Act referred to as the " gifts tax " in respect of the taxable gifts made by such individual-
| | | (a) at the rate or rates specified in the Fourth Schedule to this Act, for the year of assessment commencing on April 1, 1963 ; |
| (b) at the rate or rates specified in the Fifth Schedule to this Act, for the year of assessment commencing on April 1, 1964 ; and |
| (c) at the rate or rates specified in the Sixth Schedule to this Act, for every year of assessment commencing on or after April 1, 1965.". |
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| (2) Section 42 of the principal Act is hereby amended as follows : -
| | (a) in subsection (2) of that section, by the substitution, for the words " shall be computed.", of the words " shall be computed by the application of the appropriate rates of gifts tax. " ; and | | |
| | (b) by the addition, at the end of that section, of the following new subsection: -
| | | " (3) In the computation of the gifts tax payable by any individual for any year of assessment the rate or rates of gifts tax which shall be applicable in respect of the gifts made in the year preceding that year of assessment shall be the rate or rates which would have been applicable if those gifts and the gifts made previously by that individual had been aggregated for the year of assessment.". |
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* 1st August, 1963. Gazette Extraordinary No. 13,868 of 24th December 1963. |
Sri Lanka Consolidated Acts