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Amendment of Chapter 2 of Part 23 of Principal Act (farming: relief for increase in stock values)
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38. Chapter 2 of Part 23 of the Principal Act is amended—
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(a) in section 666(4)—
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(i) in paragraph (a), by the substitution of “31 December 2027” for “31 December 2024”, and
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(ii) in paragraph (b), by the substitution of “the year 2027” for “the year 2024”,
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(b) in section 667B(5)(b), by the substitution of “31 December 2027” for “31 December 2024”, and
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(c) in section 667C—
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(i) in subsection (2), by the substitution of the following paragraph for paragraph (b):
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“(b) the following was substituted for subsection (4):
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‘(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 2027.
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(b) Any deduction allowed by virtue of this section in computing the profits or gains of a 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 2027.’.”,
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and
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(ii) in subsection (4), by the substitution of “31 December 2027” for “31 December 2024”.
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