On the repayment of any post-war credit, or payment to a building society of any amount outstanding under section 3 of the [1959 c. 28.] Income Tax (Repayment of Post-War Credits) Act 1959, the sum payable, inclusive of the interest, may be taken by the Commissioners of Inland Revenue as amounting to 138 per cent. of the credit as notified under section 7 of the [1941 c. 30.] Finance Act 1941 or of the amount so outstanding, as the case may be.

An application for such a repayment made before the applicant is qualified may, if he later becomes qualified, be treated as made on the date when he does so.

No such repayment shall be made unless application therefor is made before such time (not earlier than the beginning of the year 1974) as the Treasury may by order direct.

Any order under this subsection shall be made by statutory instrument, which shall be laid before Parliament after being made, and may be varied by a subsequent order so as to extend the time for applications for repayment.

In this section " post-war credit" has the same meaning as in the [1959 c. 28.] Income Tax (Repayment of Post-War Credits) Act 1959.

This section shall be deemed to have had effect from the beginning of April 1972.