Finance Act, 1974
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Farming profits to be charged under Schedule D. |
15.—(1) Subject to subsection (3), all farming in the State shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains thereof shall be charged to tax under Case I of Schedule D accordingly. | |
(2) Notwithstanding anything to the contrary in Chapter III of Part IV of the Income Tax Act, 1967 , all farming carried on by any person whether solely or in partnership shall be treated as the carrying on of a single trade. | ||
(3) Subsection (1) shall not apply, as respects any year of assessment, in the case of an individual who shows that the rateable valuation of all farm land occupied by him did not, at any time during that year of assessment, amount to £100 or more. |