Clause 30

by deleting subsection (1) and substituting the following subsections:“(1) Except as provided in this section, the income of any person for each year of assessment (referred to in this Act as the statutory income) shall be the aggregate of his income from each source for the year preceding the year of assessment, after deducting —

firstly, any balance of allowance from any previous year of assessment added to and deemed to form part of the corresponding allowance for the year of assessment under section 23(1); and

secondly, any allowance for that year of assessment falling to be made under section 16, 17, 18A, 19, 19A, 19B, 19C or 20.(1A) For the purposes of subsection (1)(a), the balance of allowance for the earliest year of assessment shall be deemed to have been deducted first, followed by the balance of allowance for the next earliest year of assessment, and so on.”; and

by deleting the full-stop at the end of paragraph (d) of subsection (2A) and substituting a semi-colon, and by inserting immediately thereafter the following paragraph:“(e)derived during the period from 1st January 2001 to 31st December 2001 shall be treated as his statutory income for the year of assessment 2002 and be charged to tax at the rate applicable to him for that year of assessment.”.