Tax Rebate (Pensioners) Rules, 2017

L.N. 42 of 2017

INCOME TAX ACT

(CAP. 123)

Tax Rebate (Pensioners) Rules, 2017

IN exercise of the powers conferred by articles 14(2) and 96 of

the Income Tax Act, the Minister for Finance has made the following

rules:-

(1) The title of these rules is the Tax Rebate Citation and

commencement.

(Pensioners) Rules, 2017.

(2) These rules shall be deemed to have come into force with

respect to income earned on or after the 1st January 2017.

These rules shall apply to individuals who are in receipt of Scope.

income from any pension chargeable to tax under article 4(1)(d) of

the Income Tax Act, hereinafter referred to as "the Act", and who Cap. 123.

were at least 61 years of age in the year when such pension was

received.

(1) In the case of an individual who is chargeable to tax Tax rebate.

at the rates specified in article 56(1)(b) of the Act, but not at the rates

specified in the provisos thereto, a tax rebate shall be allowed as a set-

off against the tax on his chargeable income, as follows

Tax rebate = (pensions income less 9,100) multiplied by

15%

Provided that such rebate shall not exceed €210.

(2) In the case of an individual who is chargeable to tax at the

rates specified in the second proviso to article 56(1)(b) of the Act, a

tax rebate shall be allowed as a set-off against the tax on his

chargeable income, as follows

Tax rebate = (pensions income less 10,500) multiplied by

15%

Provided that such rebate shall not exceed €150.

(3) In the case of an individual who is chargeable to tax at the

rates specified in article 56(1)(a) of the Act -

(a)

a tax rebate shall be allowed as a set-off against the

tax on his chargeable income, as follows

Tax rebate = (pensions income less 12,700)

multiplied by 15%

Provided that such rebate shall not exceed €45; and

(b) a further tax rebate shall be allowed against the tax

on his chargeable income, as follows

Tax rebate = [(chargeable income less 12,700)

multiplied by 15%] less rebate under paragraph (a)

Provided that such rebate shall not exceed €75.

Any rebate allowable under rule 3 may not give rise to a

refund or be available to be carried forward.

€0.18