Finance Act, 1992
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Amendment of section 28 (farming: provision relating to relief in respect of increase in stock values) of Finance Act, 1980. |
20.—As respects disposals made on or after the 6th day of April, 1992, section 28 of the Finance Act, 1980 , is hereby amended in paragraph (b) of subsection (3)— | |
(a) by the substitution in subparagraph (ii) of the following clause for clause (II) (inserted by the Finance Act, 1991 ): | ||
“(II) the value of the said trading stock at the beginning of the first succeeding accounting period, or, where the farmer so elects, at the beginning of either the first and second, or the first and second and third succeeding accounting periods,”, | ||
and | ||
(b) by the substitution of the following paragraph for paragraph (A) (inserted by the Finance Act, 1990 ) of the proviso: | ||
“(A) no deduction shall be allowed by virtue of section 12 of the Finance Act, 1976 , for any accounting period or periods for which a farmer has elected under the provisions of this subsection,”. |