CHAPTER 75:01 - Inland Revenue Division

Income Tax Act Mac 1
Vol. 1
73 48F. (1)An individual over the age of sixty years who is resident in Trinidad
and Tobago and who, in a year of income receives –
Tax Credit on Interest paid by mutual funds
(a) a dividend as a beneficiary under a trust operated by a financial institution
carrying on a unit trust business and licensed under the Financial Instituions Act;
(b) the amount or value of a distribution paid by the Unit Trust Corporation of
Trinidad and Tobago,
out of interest in respect of which tax has been deducted under section 3B of the Corporation
Tax Act, is entitled in relation to that year of income tax to a tax credit equivalent to the tax
deducted on that portion of the interest that relates to the dividend or distribtuion received by
the individual.
(2) The tax credit referred to in subsection (1) shall not be be granted unless a certificate
from the trust or the Unit Trust Corporation of Trinidad and Tobago is produced in support of
the
claim relief.
(3) The certificate shall state the amount of tax deducted on that portion of the interest that
relates to the dividend or distribution received.”.
Finance Act, 1996
(4) Notwithstanding the repeal of section 3B of the Corporation Tax Act by the Provisional
Collection Taxes of (No. 2) Order, 1996, this section will continue to have effect for the
purposes of subsection (5) as though section 3B of the Corporation Tax Act had not been
repealed. Finance Act 1997
(5) Notwithstanding section 48A, where a person is in relation to the year of income ending
31st December 1996 entitled to a tax credit under subsection (1) which exceeds the
amountof tax for which he is assessed in respect of that year of income, he shall be
entitled in relation to that year of income to a refund equivalent to the difference
between the amount of the tax credit and the amount of the tax assessed.
Finance Act 1997
74 48 G. Deleted Reliefs for certain investors
Finance Act 1997
75 48H Deleted Additional tax credit
Finance Act 1997
73 BIR Note: Effective 8th May, 1996
74 BIR Note: This section was previously numbered section 13A and was re-numbered by the Finance
Act 1989.
75 BIR Note: Section 48H renumbered 48H(1) - effective 29th March 1995
Subsections (1) and (2) repealed and substituted Finance Act, 1996
Effective 1st January, 1996
BIR Mac Edition 91/01 Page 77