Finance Act, 1976
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Chapter III Taxation of Farming Profits | ||
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Amendment of section 21 (notional basis of assessment) of Finance Act, 1974. |
18.—(1) Section 21 of the Finance Act, 1974 , shall have effect in relation to the year 1976-77 as if for “1975-76”, in subsection (1), there were substituted “1976-77”. | |
(2) The said section 21 of the Finance Act, 1974 , is hereby amended by the substitution, for subsection (4), of the following subsections— | ||
“(4) In computing and charging, in accordance with the provisions of this section, profits or gains from farming farm land— | ||
(a) no deduction shall be allowed other than the deductions specified in subsections (2) and (3), and | ||
(b) the aggregate amount of the deductions to be allowed shall not exceed 40 times the rateable valuation of that farm land. | ||
(4A) Subsection (4) shall apply— | ||
(a) as respects the year 1976-77, and | ||
(b) as respects any year of assessment for which an individual elects as provided for in subsection (1) and makes, on or after the 30th day of March, 1976, a claim for relief under section 307 , 308 , 309 or 318 of the Income Tax Act, 1967 .”. |