S.L. 123.218 Art. 7Time-frame during which benefits apply.

(1) The benefits under these rules and article 56(21) of the Act shall apply in relation to employment income that is specified in rule 4(a), and that is earned during a period of five (5) years which commences to run from the year in relation to which a formal determination was issued under the provisions of the rules and as formally determined under rule 5(2):

Provided that the option under article 56(21) of the Act has been exercised as provided under the provisions of rule 6.

(2) Subject to the provisions of sub-rule (3), any individual who benefits under the provisions of sub-rule (1), upon submitting an application on such form or in such manner as the competent authority, in agreement with the Commissioner, may require, shall be eligible to two (2) further extensions of five (5) years for his qualifying period, subject to the continued adherence to the other provisions of these rules and article 56(21) of the Act. Such application shall be made during the year before the end of the relevant five (5) year qualifying period.

(3) Notwithstanding anything to the contrary contained in these rules and article 56(21) of the Act, benefits under the provisions of these rules and article 56(21) of the Act shall not apply in relation to income earned after 31st December 2040.