This Part applies to an individual -
(a) whose gross income, for the year of assessment (in this section referred to as the 'previous year') immediately before the year of assessment in which the maturity date of the individual's special savings incentive account falls, does not exceed €50,000, and
(b) none of whose taxable income for the previous year is chargeable to tax at the higher rate, or in the case of an individual who is married, none of whose taxable income for that year would be so chargeable if, where it is not the case, the individual had made an application under section 1023 and that application had effect for that year, and who -
(i) within the 3 month period commencing on the maturity date -
(I) furnishes his or her maturity statement to an administrator, and
(II) subscribes an amount (in this Part referred to as a 'pension subscription') being equal to all or part of the net funds, in relation to his or her special savings incentive account, to the administrator -
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