Income Tax Act (Cap. 123), article 35

35. (1) Except in respect of investment income referred to in article 41( a)(viii)(2), (3) and (4), a recipient may elect to be paid investment income without deduction of tax being made and such an election shall be made in writing and sent to the payor. (2) Subject to the provisions of sub-article (3), an election wi ll be effective as from fourteen days following the receipt of suc h notice of election by the payor. Such an election may be revoke d at the option of the recipient by notice in writing and such revoc ation shall be effective as from fourt een days following the receipt by the payor of such notice. (3) An election made on the opening of a bank account in respect of which investment incom e is payable, or on the purcha se of bonds, loan stock, debentures, or any other instrument in re spect of which the investment income is payable, or on any transactio n giving rise to capital gains within the meaning of article 41( a)(v), shall have immediate effect. *Applicable from year of assessment 2019 INCOME TAX [CAP. 123. 141 Obligation on recipient to declare where an election is made. Added by: XVII. 1994.16. Amended by: IX.1999.14. Cap. 372.