Finance Act, 1984
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Chapter VIII Stock Relief | ||
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Interpretation ( Chapter VIII ). |
48.—In this Chapter— | |
“accounting period”— | ||
(a) in relation to a company, means an accounting period determined in accordance with the provisions of section 9 of the Corporation Tax Act, 1976 , and | ||
(b) in relation to a person other than a company, means a period of one year ending on the date to which the accounts of the person are usually made up or, where accounts have not been made up or where accounts have been made up for a greater or lesser period than one year, such period not exceeding one year as the Revenue Commissioners may determine; | ||
“period of account” means the period for which a person's accounts are made up; | ||
“qualifying trade” means a trade which is carried on in the State and which during an accounting period consists wholly or mainly of any one or more of the following classes of trading operations (hereafter in this Chapter referred to as “qualifying trading operations”)— | ||
(a) the manufacture of goods, | ||
(b) the carrying out of construction operations within the meaning of section 17 of the Finance Act, 1970 , or | ||
(c) the sale of machinery or plant (excluding vehicles suitable for the conveyance by road of persons) or goods to a person engaged in a trade consisting wholly or mainly of farming or of trading operations of a class specified in paragraph (a) or (b) for use for the purposes of that trade, | ||
and a trade which during an accounting period consists partly of qualifying trading operations and partly of other trading operations shall be regarded for the purposes of this definition as a trade which consists wholly or mainly of qualifying trading operations if, but only if, the total amount receivable in the accounting period from sales made in the course of qualifying trading operations is not less than 75 per cent. of the total amount receivable in the accounting period from all sales made in the course of the trade; | ||
“trading stock”, in relation to a trade, has the same meaning as in section 62 of the Income Tax Act, 1967 , and in determining the value of trading stock at any time for the purposes of a deduction under section 49 or 51 , to the extent that, at or before that time, any payments on account have been received by the trader in respect of any trading stock, the value of that stock shall be reduced accordingly. |