848D Tax credits.

Where a qualifying individual, or the spouse of that individual, subscribes to a special savings incentive account—

(a) the qualifying individual shall be treated, for the purposes of the Tax Acts, as having paid a grossed up amount, which amount, after deducting income tax at the standard rate for the year of assessment 2001, leaves the amount of the subscription, and

(b) the qualifying individual shall be entitled to be credited with the amount of income tax (in this Part referred to as the “tax credit”, in relation to the subscription) treated as having been so deducted, in accordance with the provisions of this Part and not under any other provision of the Tax Acts.