Finance Act, 1976
|
Relief for unincorporated bodies in respect of increase in stock values. |
12.—(1) In this section— | |
“accounting period”, in relation to a person, means a period of one year ending on the date to which the accounts of the person are usually made up: | ||
Provided that where accounts have not been made up or where accounts have been made up for a greater or lesser period than one year, the accounting period shall be such period not exceeding one year as the Revenue Commissioners may determine; | ||
“person” means a person who is resident in the State and not resident elsewhere but does not include a body corporate. | ||
(2) (a) The provisions of section 31 of and the Third Schedule to the Finance Act, 1975 , other than the excepted provisions, shall with any necessary modifications apply in the case of a person as they apply in the case of a company. | ||
(b) In this subsection “the excepted provisions” means the following provisions of the Finance Act, 1975 — | ||
(i) the definition of “accounting period” in section 31 (1), | ||
(ii) subsections (4) (a) (iii), (5) and (6) of the said section 31, and | ||
(iii) paragraph 3 of the Third Schedule. | ||
(3) Any deduction allowed by virtue of this section in computing a person's trading profits for an accounting period shall not have effect for any purpose of the Income Tax Acts for any year of assessment prior to the year 1974-75 or later than the year 1976-77. | ||
(4) A person shall not be entitled to a deduction under this section in respect of an assessment unless he makes a claim before— | ||
(a) the date on which the assessment becomes final and conclusive, or | ||
(b) the expiry of the period of six months beginning with the date of the passing of this Act, | ||
whichever is the later. | ||
(5) The provisions of subsections (1), (2), (3) and (4) shall apply to a trade carried on by a partnership as they apply to a trade carried on by a person. |