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Amendment of section 657A (taxation of certain farm payments) of Principal Act.
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22.— Section 657A of the Principal Act is amended—
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(a) in subsection (1) in the definition of “relevant individual” by substituting “the same year of assessment” for “the year of assessment 2005” in the first place it occurs and by substituting “that year of assessment” in the second place it occurs,
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(b) by substituting the following for subsection (3):
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“(3) Notwithstanding any other provision of the Income Tax Acts apart from subsection (4), where an individual elects in accordance with subsection (2), then the relevant payment or relevant payments shall—
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(a) be disregarded as respects the ‘same year of assessment’ referred to in the definition of ‘relevant individual’ in subsection (1), and
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(b) instead be treated for the purposes of the Income Tax Acts as arising in equal instalments in the year of assessment that is such same year of assessment and in the 2 immediately succeeding years of assessment.”,
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and
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(c) by substituting the following for subsection (5):
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“(5) An election under subsection (2) by a person to whom this section applies, shall be made by notice in writing on or before 31 October in the year following the ‘same year of assessment’ referred to in the definition of ‘relevant individual’ in subsection (1), and shall be included in the annual statement required to be delivered on or before that date under the Income Tax Acts of the profits or gains from farming for the year of assessment that is such same year of assessment.”.
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