S.L. 123.218 Art. 8Minimum amount chargeable to tax.       Cap. 372.

When an individual exercises the option available under article 56(21) of the Act in respect of a year of assessment, the minimum amount of income which shall be chargeable to tax at the reduced rate provided for in that sub-article in respect of that year of assessment shall be deemed to be sixty five thousand euro (€65,000):

Provided that the minimum amount of income of sixty-five thousand euro (€65,000) shall be adjusted in line with the provisions of the proviso to rule 3(1):

Provided further that the rate of fifteen percent (15%)

shall apply without the possibility to claim any relief, deduction, reduction, credit or set-off of any kind. Notwithstanding the generality of the foregoing, a beneficiary shall be allowed deductions of tax in accordance with article 23 of the Income Tax Management Act.