Taxes Consolidation Act, 1997
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Farming and market gardening profits to be charged to tax under Schedule D. [ITA67 s54(2)(a); FA69 s65(1) and Sch5 PtI; FA74 s15; FA83 s11] |
655.—(1) For the purposes of the Tax Acts, farming shall be treated as the carrying on of a trade or, as the case may be, of part of a trade, and the profits or gains of farming shall be charged to tax under Case I of Schedule D. | |
(2) Notwithstanding anything to the contrary in Part 43 , farming carried on by any person, whether solely or in partnership, shall be treated as the carrying on of a single trade; but this subsection shall not prejudice or restrict the operation of Chapter 3 of Part 4 where a partnership trade of farming is set up and commenced or is permanently discontinued. | ||
(3) Market gardening shall, for the purposes of the Tax Acts in relation to the person by whom it is carried on, be treated as a trade, and the profits or gains of market gardening shall be charged to tax under Case I of Schedule D. |