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Amendment of section 666 (deduction for increase in stock values) of Principal Act.
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54.—Section 666 of the Principal Act is hereby amended in subsection (4)—
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(a) by the substitution in paragraph (a) of “2001” for “1999”, and
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(b) by the substitution in paragraph (b) of “2000-01” for “1998-99”,
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and the said paragraphs (a) and (b), as so amended, are set out in the Table to this section.
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TABLE
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(a) A deduction shall not be allowed under this section in computing a company's trading income for any accounting period which ends on or after the 6th day of April, 2001.
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(b) Any deduction allowed by virtue of this section in computing the profits or gains of the trade of farming for an accounting period of a person other than a company shall not apply for any purpose of the Income Tax Acts for any year of assessment later than the year 2000-01.
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