Finance Act, 1990
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Amendment of section 28 (farming: provision relating to relief in respect of increase in stock values) of Finance Act, 1980 . |
9.—As respects disposals made on or after the 6th day of April, 1990, section 28 of the Finance Act, 1980 , is hereby amended in paragraph (b) of subsection (3)— | |
(a) by the substitution in subparagraph (ii) of “two years” for “one year”, | ||
(b) by the substitution in subparagraph (ii) of the following clause for clause (II): | ||
“(II) the value of the said trading stock at the beginning of the immediately succeeding accounting period or at the beginning of the accounting period next after that period, where appropriate,”, | ||
and | ||
(c) by the substitution of the following paragraph for paragraph (A) of the proviso: | ||
“(A) this subsection shall not be construed as enabling the value of trading stock at the end of an accounting period or, as the case may be, at the beginning of an immediately succeeding accounting period or of the accounting period next after that period, to exceed the value of the trading stock at the beginning of the first-mentioned accounting period,”, | ||
and the said paragraph (b) (other than subparagraph (i) and the proviso), as so amended, is set out in the Table to this section. | ||
TABLE | ||
(b) Where— | ||
(ii) apart from the provisions of this subsection, the value of the trading stock of the said trade of farming at the beginning of the accounting period exceeds the value of the trading stock at the end of the accounting period, the person may elect, by notice in writing given to the inspector not later than two years after the end of the accounting period, that for the purpose of section 31 of and the Third Schedule to the Finance Act, 1975 , and section 12 of the Finance Act, 1976 — | ||
(I) the value of the trading stock of the trade of farming at the end of the accounting period, and | ||
(II) the value of the said trading stock at the beginning of the immediately succeeding accounting period or at the beginning of the accounting period next after that period, where appropriate, | ||
shall be computed as if the said stock to which this subsection applies had not been disposed of: |