Finance Act 2005
|
Amendment of section 666 (deduction for increase in stock values) of Principal Act. |
31.—(1) Section 666 of the Principal Act is amended by substituting the following for subsection (4) (inserted by the Finance Act 2003 ): | |
“(4) (a) A deduction shall not be allowed under this section in computing a company's trading income for any accounting period which ends after 31 December 2006. | ||
(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 2006.”. | ||
(2) This section comes into operation on 3 February 2005. |