Finance Act, 1980
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Chapter III Taxation of Farming Profits | ||
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Extension of tax charge on farming profits. |
22.—As respects the year 1980-81 and subsequent years of assessment— | |
(a) section 15 (farming profits to be charged under Schedule D) of the Finance Act, 1974 , is hereby amended by the substitution in subsection (3) of “£40” for “£50”, and | ||
(b) section 19 (limit on amount of tax to be charged in certain cases) of the said Act (inserted by the Finance Act, 1978 ) is hereby amended— | ||
(i) by the substitution in the definition of V in subsection (1) of “£39” for “£49”, and | ||
(ii) by the substitution in subsection (2) of “£49” for “£59”, | ||
and the said subsection (3) (apart from the proviso), the said definition and the said subsection (2), as so amended, are set out in the Table to this section. | ||
TABLE | ||
(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 £40 or more. | ||
V is 1 or, if greater, the number equivalent to the amount by which the rateable valuation of the farm land occupied by him for that year exceeds £39. | ||
(2) This section shall not apply in any case where the rateable valuation of the farm land occupied by the individual at any time during the year of assessment exceeds £49. |