S.L. 372.32 Art. 16Provisions applicable when option is exercised.

Notwithstanding the other provisions of these rules, when the option referred to in rule 15(1) has been validly exercised for a year of assessment:

(a) the total income of that person for that year shall be computed without reference to rule 14: provided that where any amount of losses or capital allowances has been deemed as set off and absorbed in accordance with rule 14(2) in a particular year of assessment for which the option was not exercised, it shall not be treated as unabsorbed and carried forward to a subsequent year, even though an option as aforesaid is exercised for that subsequent year;

(b) the amount of tax withheld in accordance with these rules, as evidenced by the delivery of the annual statement and, if so requested, the relative purchase notes, shall be available against the taxpayer’s tax liability and where any tax so withheld is in excess of such liability, the difference shall be refunded;

(c) rule 12(2) shall not apply to records and documents relating to qualifying sales made for that year;

(d) where the taxpayer is a co-operative society, the income from its qualifying sales for that year shall be allocated to its untaxed account.