CHAPTER 75:01 - Inland Revenue Division
CHAPTER 75:01 - Inland Revenue Division
CHAPTER 75:01 - Inland Revenue Division
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Income Tax Act Mac 1<br />
Vol. 1<br />
41B. Amended/Deleted by Finance Act, 1989<br />
42. (1) In this section and in sections 43 to 46 "Minister" means the Minister<br />
responsible for Housing; and "prescribed" means prescribed by regulations<br />
made under the Housing Act.<br />
Income Tax exemptions<br />
(2) Notwithstanding any of the provisions of this Act, there shall be<br />
exempted from income tax -<br />
(a) Amended/Deleted by Finance Act, 1989<br />
(b) subject to subsection (7), premiums and rents derived from the<br />
letting of any newly constructed house whether constructed on,<br />
before or after 31st December 1978, of the class specified in<br />
section 43; Act No. 1 of 1979<br />
(c) gains or profits derived from the initial sale of newly<br />
constructed houses of the class specified in section 43 by any<br />
person registered in the prescribed manner as a trader in such<br />
houses;<br />
(d) interest on and any service charge payable under a loan granted<br />
by an approved mortgage company for the construction of a house<br />
and interest on a loan secured by, and any service charge payable<br />
under, a mortgage held by an approved mortgage company, if the<br />
rate of interest charged in respect of the loan does not in either case<br />
exceed the prescribed tax free interest rate; Act No.19 of 1980<br />
Amended by Act No 18 of 1989<br />
(e) interest on a loan secured by, and any service charge payable<br />
under, any mortgage on a newly constructed house, if the loan is of<br />
not less than ninety per cent of the value of the house and if the<br />
rate of interest charged in respect of the loan does not exceed the<br />
prescribed tax free interest rate.<br />
(3) Amended/Deleted by Finance Act, 1989<br />
(4) Subsection (2) does not apply in respect of a newly constructed house<br />
that was constructed by way of rental mortgage or aided self-help projects<br />
to which public funds of Trinidad and Tobago have been contributed by<br />
way of subsidizing any such project and not merely by way of a loan from<br />
the public funds. Act No.25 of 1981<br />
(5) The exemption provided under subsection 2(e) applies in respect of a<br />
newly constructed house the cost of construction of which, inclusive of the<br />
cost or value whichever is the less of the land, in the opinion of the<br />
National Housing Authority, having regard to normal building costs<br />
prevailing at the time of its construction would not exceed - Act No.14 of 1976<br />
Amended by Act No.18 of 1989<br />
BIR Mac Edition 91/<strong>01</strong> Page 70
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