S.L. 123.174 Art. 3Tax rebate.

(1) In the case of an individual who is chargeable to tax 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 12,000) multiplied by 15%:

Provided that such rebate shall not exceed €696.

(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 13,000) multiplied by 15%:

Provided that such rebate shall not exceed €546.

(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 15,000) multiplied by 15%:

Provided that such rebate shall not exceed €246 and

(b) a further tax rebate shall be allowed against the tax on his chargeable income, as follows: Tax rebate = [(chargeable income less 15,000) multiplied by 15%] less rebate under paragraph (a): Provided that such rebate shall not exceed €540.

(4) For the purpose of this rule, "pensions income" refers to the amount of pension income that is included in the total income.