Finance Act, 1993
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Chapter VI Income Tax, Corporation Tax and Capital Gains Tax | ||
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Farming: amendment of provisions relating to relief in respect of increase in stock values. |
28.—(1) Section 31A (inserted by the Finance Act, 1976 ) of the Finance Act, 1975 , is hereby amended by the substitution in paragraph (iv) (inserted by the Finance Act, 1979 ) of the proviso to subsection (4) (a) of “1995” for “1992” (inserted by the Finance Act, 1991 ) and the said paragraph (iv), as so amended, is set out in the Table to this subsection. | |
TABLE | ||
(iv) a deduction shall not be allowed under the provisions of this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 1995. | ||
(2) Section 12 of the Finance Act, 1976 , is hereby amended by the substitution in subsection (3) of “1994-95” for “1992-93” (inserted by the Finance Act, 1991 ) and the said subsection (3), as so amended, is set out in the Table to this subsection. | ||
TABLE | ||
(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 1994-95. | ||
(3) (a) In the case of a company, as respects any accounting period which ends on or after the 6th day of April, 1993— | ||
(i) subsection (2) of section 13 of the Finance Act, 1982 , is hereby amended by the substitution of “25 per cent.” for “eleven-tenths”, | ||
(ii) the provisions of subsections (5), (7), (8), (9) and (10) of section 31A of the Finance Act, 1975 , shall cease to apply and have effect, and | ||
(iii) a company shall not be entitled to a deduction under the said section 31A unless a written claim for such a deduction is made on or before the specified return date (within the meaning of section 9 of the Finance Act, 1988 ) for the chargeable period within the meaning of paragraph 1 of the First Schedule to the Corporation Tax Act, 1976 . | ||
(b) In the case of a person within the meaning of section 12 of the Finance Act, 1976 , as respects the year of assessment 1993-94 and any subsequent year of assessment— | ||
(i) subsection (1) of section 13 of the Finance Act, 1982 , is hereby amended by the substitution of “25 per cent.” for “eleven-tenths”, | ||
(ii) the provisions of subsections (4), (5), (6) and (8) of the said section 12 shall cease to apply and have effect, and | ||
(iii) a person shall not be entitled to a deduction under the said section 12 unless a written claim for such a deduction is made on or before the specified return date (within the meaning of section 9 of the Finance Act, 1988 ) for the chargeable period within the meaning of paragraph 1 of the First Schedule to the Corporation Tax Act, 1976 . | ||
(4) This section shall have effect only as respects a trade of farming. |